Fannie Mae cracking down on loan defaults. - 07/13/10 03:29 PM
Fannie Mae says it will get tough on borrowers who engage in "strategic defaults," or walk away from a home that's worth less than what's owed on the mortgage even if they can afford to keep making their payments.
Fannie Mae said that it will not only refuse to guarantee another loan for seven years if it has evidence that a borrower chose to default on their loan. They will also seek to recoup losses in court through deficiency judgement.  Virginia is one of the states that will allow Fannie Mae to recoup their losses.
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Denise Allen Realtor@ Chesapeake, Hampton Roads

Chesapeake, VA

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