Fannie Mae Strikes at Homeowners!
Written on June 23, 2010 – 1:50 am | by Adam Gomez
I took some hits when I wrote about people who choose to walk away from their underwater mortgages even though they can afford them – also known as a ‘Strategic Default’. Several readers disagreed on the idea that walking away is a moral decision and that suggestion alone evoked the most controversy.
Well, regardless of your stance on whether it is a moral decision or a financial one, if you plan to default on your mortgage despite the fact that you can pay it…
You better hurry up.
Fannie Mae is taking steps to thwart strategic defaulting.
Walk away? Sure. Want to buy a house in the next SEVEN years? No longer an option.
I excited that Fannie Mae is as disgusted with strategic defaulting as I am. I love the quote, “Walking away from a mortgage is bad for borrowers and bad for communities and our approach is meant to deter the disturbing trend toward strategic defaulting”
I doubt this action from Fannie Mae alone will work but I’m hoping others will join to curb defaults of homeowners who want out of a bad decision but don’t want to pay the price.
Yay Fannie Mae!
See the article here:
http://www.signonsandiego.com/news/2010/jun/23/fannie-mae-to-penalize-homeowners-who-walk-away/
Similar Posts:
- Fannie Mae and Freddie Mac provide modification loans to those denied under HAMP
- Report shows that 75 percent of modified homes will re-default
- HUD looking into report that lenders deny mortgage loans to pregnant couples
- Hundreds of lenders face action from FHA Mortgage Review Board
- Millions stop paying for houses but aren’t evicted
