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Fannie Mae announced a new plan to help people that had lost their homes due to a short sale or a deed in lieu of foreclosure, own a new home sooner then previously allowed.

Fannie Offers Spur to Avoid Foreclosure ~ Fannie Mae will make it easier for some struggling homeowners to buy houses in the future if they avoid foreclosure in the present.  Under rules released this month that will take effect in July, some troubled borrowers who give up their homes by voluntarily transferring ownership through a “deed in lieu of foreclosure” or by completing a short sale, where a home is sold for less than the amount owed, will be eligible in two years to apply for a new mortgage backed by Fannie.Fannie Mae has announced a new plan that would help those that have lost their homes, re-group and buy again in two years.

This is good news for those folks that have lost their homes and want to avoid paying rent for Years until they could own a home again…. GO FANNIE MAE!