"The country's two largest sources of mortgage money have a blunt warning for anyone thinking about joining the growing 'walkaway' trend, where homeowners stop making payments and months later send the house keys back to their lender: You will feel the pain.
On March 31, Fannie Mae sent out new guidelines to lenders intended for walkaways and other foreclosure situations. Fannie will now prohibit foreclosed borrowers from getting another mortgage through the giant investor for five years, unless there are 'documented extenuating circumstances.' In those cases, the mortgage prohibition is for three years.
Even after five years, borrowers with foreclosures in their files will be required to make at least a 10 percent down payment, and will need minimum FICO credit scores of 680."
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Fannie warns homeowners who walk away
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