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BGS3 Lessens Credit Damage to Owners.(Managing REO)(KY-BGS3)(Brief article)
Louisville, KY-BGS3 is once again expanding its operations in response to recent developments in the world of short sales.
The move comes in reaction to Fannie Mae's changes to its policies on bankruptcy and foreclosure, as well as a new policy addressing pre-foreclosure sales. Both changes affect all loan applications dated on or after Aug. 1. BGS3, through its short sale system, is helping homeowners avoid additional years of credit woes, according to Charles Cease, chief operations officer at BGS3.
"Depending on the course of action that a homeowner takes, the differences and ramifications to the homeowners future borrowing status are substantial," he said.
Under the new foreclosure policy, the time period a borrower must take to rebuild his or her credit has been extended to five years, and several new requirements now apply after five years and up to seven years after the completion date. The company said this makes foreclosure more damaging to a homeowner's creditworthiness than bankruptcy, which ...
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Source: HighBeam Research, BGS3 Lessens Credit Damage to Owners.(Managing REO)(KY-BGS3)(Brief...