Did you know…Starting mid November there should no longer be the need to beware of the number 9! Fannie Mae has announced that during the weekend of November 16th, they will be rolling out their Desktop Underwriter (DU) version 9.1 in which they have solved the issue of their software reading short sales as foreclosures. … Read more
Evergreen, Colo., August 27, 2013 – Fannie Mae and Senator Bill Nelson (D) of Florida recently announced a fix to an issue with how short sales are conveyed on credit reports. Fannie Mae, according to its August 22, 2013 Desktop Originator/Desktop Underwriter Release Notes, has provided a mechanism allowing lenders to override incorrect foreclosure tradeline … Read more
Did you know…How a short sale affects your credit? Typically the short sale will show up on a credit report as “settled for less than the full balance”. This will have a negative impact on the borrower’s credit score, however it will be less hurtful than if it were to show as “foreclosure.” How much … Read more