I wrote on Monday about Fannie Mae's recent announcement that it would "lock out" borrowers from obtaining a new loan for seven years if they chose to "strategically" default on a mortgage they could have afforded.
Then on Tuesday, Freddie Mac CEO Ed Haldeman said the company has seen the number of its short sales increase 600 percent from 2008 as people choose this route over foreclosures.
My point of view on strategic defaulting has been well-documented as I have been blogging about this for a couple of years now. One of my more popular blogs on this topic was whether strategic defaulting was a financial issue, moral issue or both. Essentially I think it's a very personal decision that with a lot factors that need to be considered. And some of those factors that should be taken into consideration are foreclosure alternatives such as the ever-popular short sales.
Read more about "Short Sales Increase 600 Percent - Are you considering short selling your Phoenix home?" at MyPhoenixmls.com blog.
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