Seattle Real Estate Alert! Fannie Mae Announcement
Fannie Mae announced on May 27th 2010 that it will no longer purchase loans on bank owned foreclosed properties with a “Right of Redemption”.
- What is the “Statutory Right of Redemption”?
The Statutory right of redemption is the legal right afforded to foreclosed borrowers that gives them the right AFTER the foreclosure to reclaim the property for up to a year after they lost in a foreclosure. To exercise this right, they would need to catch up on all defaulted amounts including past payments, penalties, attorney fees, and other costs and fees associated with the foreclosure.
- Washington State has NO redemption period for non-judicial foreclosures.
For more information and to ask premier realtors how this may impact a new home purchase visit Real Estate Reel.