walk away: Fannie Mae's Policy Changes, Possible Ramifications for those who Walk Away
- 07/22/10 11:39 AM
Fannie Mae's policy changes have several goals: 1. First encourage homeowners to work with their lender to pursue alternatives to foreclosure. Such as loan modification, a short sale, or a deed-in-lieu of foreclosure. 2. Homeowners who walk away and had the capacity to pay or did not work out alternatives may not be ineligible for new Fannie Mae-backed loans for a period of up to seven years. Borrowers who made a good faith effort to resolve their situation with their lender may be considered for a future Fannie Mae loan in a shorter period of time, depending on "extenuating circumstances" such as a major (0 comments)