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It now takes only two years to get a mortgage after a bankruptcy or foreclosure

| Apr 11, 2016 | Bankruptcy, Firm News

Fannie Mae, a quasi-governmental authority which backs a significant portion of mortgages in today’s market, has recently reduced the waiting period for getting a new mortgage following a bankruptcy or foreclosure, from four years to two years. It is unclear whether Freddie Mac, a similar institution, which controls 40% of the mortgage market along with Fannie Mae, will follow suit.

There are a lot of potential homeowners who surrendered their homes during the Great Recession of the latter part of the 2000’s who can benefit from this loosening of standards.

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