If you happen to see a contractor walking around your house, taking pictures, don't panic. It's just your lender "inspecting" your property.
According to new rules announced by Fannie Mae this week, mortgage servicers will be required to "order" a "property inspection" no later than 45 days after a homeowner misses a mortgage payment. "The servicer must continue to obtain property inspections every 30 days thereafter" until the delinquency is resolved.
If the servicer determines that the property is abandoned "the servicer must perform an interior inspection upon confirmation of abandonment," according to Fannie's guidelines, which go into effect on Sept.1
Fannie's current policy requires inspections only when servicers are unable to reach delinquent borrowers or when they determine the borrower isn't willing to try to work out a solution. But the inspections are not required until the mortgage is 135 days delinquent or the servicer begins foreclosure proceedings.
Read more: Late on the mortgage? Be ready for a lender's inspection.
Bankrate.com http://www.bankrate.com/financing/mortgages/fannie-to-inspect-delinquent-homes/#ixzz1OnxujABv
No comments:
Post a Comment