January 12, 2010 - For those of you who look for Chicago real estate deals, especially foreclosures and short sales, Fannie Mae’s new rules regarding REOs may interest you. Because of the growing number of REOs, Fannie Mae has decided to allow offers on properties right after they are listed. Previously mortgage services and lenders who were under review had to be notified first, according to an Inman News report.
Before the change, a wait period of fifteen days was allowed for lenders to gather up files on the foreclosed home and turn them over to Fannie Mae to be reviewed. Another new provision is that Fannie Mae may start seeking to be reimbursed from a lender if the first mortgage on the foreclosed home doesn’t meet the underwriting requirements, according to the article.
These new policies are an attempt by Fannie Mae to keep from being overwhelmed by the increasing number of foreclosures and make the turnover and liquidation process faster. It’s good news for anyone interested in purchasing Chicago foreclosures and Chicago REOsas the condos and single-family homes should be eligible to be purchased faster now.
Technorati Tags: Chicago REOs, Chicago Foreclosures, Chicago Real Estate
