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)