Fannie: Buying Another Home Is Easier If You Don’t Walk Away

About a month ago, one of our readers emailed me and asked why the mortgage industry wasn’t making things easier for borrowers who didn’t walk away from their mortgages. Angry over the fact that borrowers were walking away from their responsibilities, furthering the problems that have contributed to the housing downturn — “Walking away only because you are underwater is only going to further the problem” — our reader suggested, “If we can arm the people that will continue to pay with some ammunition, maybe they can help.”

A recent announcement by Fannie Mae is step in that very direction. On applications submitted after July 1, 2010, borrowers who lost their homes via a short sale will only have to wait two years before they can apply for another Fannie-backed mortgage. Previously, borrowers had to wait at least four years.

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