There are so many changes in the mortgage industry these days it is nearly impossible to keep up.  All a Realtor® can do is depend on a great lender to answer any new questions.

Here’s what you need to know if the foreclosure crisis is hitting you or your family close to home.

If you suffer from a forclosure or short sale on your credit report:

• Those who have been a victim of forclosure, you will not be eligible for a Fannie Mae loan for 5 years.
• Those who have suffered from short sales, you will not be eligibly for a Fannie Mae loan for 1 year.

So if financial troubles are hitting you this close to home, you may need to think of forclosure or a short sale as less of a way out than you coule before.  If you’re in trouble, contact your mortgage company and a Realtor® because you will need some professional advice.