Recently there was an article that apparantly appeared in various publications stating that a ShortSale, Deed in Lieu and Preforeclosures Sales would all be treated by Fannie Mae, the nation's largest provider of mortgage funds, as a foreclosure, thus ensuring the 'offending' party would not be able to purchase a home for 7 years! 

So, in doing my little part to correct his misinformation I am posting below, a snipit from Fannie Mae's website showing the facts are completely different. 

Why is this important? 

In San Joaquin County, greater than 1 in 5 homes are in trouble!  Shortsale is one, frequently the BEST, solution to that owners challenge.  And the reality is after some 'time' has passed, that SAME OFFENDING party can reenter the home buying market, at prices that currently are from the last century, and with some proper guidance, (please please please see me on that subject!) they will have the stability and hope that all Americans look for with their home.  A second chance, a new beginning, a Genesis!  (that was my shameful plug :) )

So... what did Fannie Mae say?

Fannie Mae’s most recent bulletin states that Deeds-in-Lieu of Foreclosure, Preforeclosure Sales, and Short Sales all have waiting periods as follows:


This bulletin was released in June 2010, and Fannie Mae has confirmed with us today that this is the most recent bulletin.

The subject of should you or should you not enter into a shortsale is quite emotional.  Here at Genesis, we understand and always remember... we are talking about your 'home' not a house. 

I thought this might be a bit of good news as we enter the final days before Christmas.  Hope so.

And hope is also that your Christmas will be blessed, full of wonderful memories, those new and old.  The future is a choice... choose to enter it without the negative baggage of the past, and all the hope for the new!

Merry Christmas!

Darrell