According to WSJ, Fannie and Freddie are making banks buy back poorly underwritten loans that have soured.
No wonder we have pre-closing audits, pre-funding audits, post-closing audits, post-post closing audits and so on and so forth. The documentation that borrowers must provide almost never ends at this point. Properly prepare borrowers for the onslaught of documentation requests. Banks don't want loans on their books when they could have sold it to Fan/ Fred.
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Avoid foreclosure with a loan modification also known as a Mortgage workout . Loan modifications can lower mortgage payments and help stop foreclosure by modifying the terms of your mortgage loan.
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