Fannie Mae the largest purchaser of home loans has introduced new guidelines regarding foreclosures. A foreclosure used to effect you for 2 years when buying a new home or refinancing but now it will effect you for 5 years. What does this mean for you? It means that if you walk away from your home, you cant just go buy a new home in a couple years, you are going to have to wait 5 whole years. 5 years of renting compared to 2 years . No fun. It also means landlords are going to be stricter on who they rent to and also how much they charge for the apartment. With renters flooding the market rents are going to sky rocket. So make sure you are really willing to walk away from your home before you do because it might be a lot worse than you really think.
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