According to Huliq.com,
Borrowers facing foreclosure will be unable to obtain loan for up to five years through the mortgage giant, unless there is “documented extenuating circumstances” in which those borrowers would have to wait up to 3 years for a new mortgage, according to a release by Fannie Mae.
At first this sounds like a huge penalty but the more I thought about it I realized that most wouldn’t be eager to jump in again. You don’t want to just walk away, as hard as it may sound, talk to the bank.
The Portland market has 1,119 notices of default for March 2008. Many are talking up the jump compared to last year. Last year at this time we were still doing okay. June 2007 is about when it shifted down. Before you think I am talking things up I said last year that when the RMLS came out and talked about appreciation that I didn’t agree with that either. They were looking at year over year and we had shifted.
They were pulling in stats that masked the current trend. Compared to last month, we gained about a 100 default notices. That is not a huge jump though the trend is up.
