Fannie Mae Could Be Run By Lunatics

Posted on Jan 13, 2012 by Trent Chapman

Did you know that your house (or your client’s) could be worth more money… simply by having a different type of mortgage? No, really… that’s what Fannie Mae’s guideline change is hinting at. Ok, enough with the sarcasm. You can’t really change the “value” of a piece of property because it previously had a certain type of mortgage. Recently we got a memo regarding some changes to Fannie Mae’s “REO listing offer guidelines” in cases where the previous mortgage was a Reverse Mortgage. It shocked me to see that even on the REO side they come up with crazies ‘guidelines’. And Fannie Mae isn’t alone. Watch this video and pay attention to how this relates to short sales and how Fannie Mae’s REO guideline isn’t much different from many of the short sale “guidelines” we hear.