FANNIE MAE BRINGING DOWN THE HAMMER ON STRATEGIC DEFAULTS

Reblogger Heather Fitzgerald
Real Estate Sales Representative with REALTY WORLD-Harbert Company, Inc.

This is something to consider before intentionally defaulting on a mortgage and doing a Short Sale on a home that can be afforded.

Original content by Harry F. D'Elia SA535849000

FANNIE MAE BRINGING DOWN THE HAMMER ON STRATEGIC DEFAULTS

STOP STRATEGIC DEFAULTSFannie Mae announced today that they will make people who can make their payments and who do a strategic default will make them wait seven years before they are eligible for a Fannie Mae loan. It is estimated that there are 11 million homes acros America who are under water. That means the home owner owes more on the mortgage than the current market value of the home. We are facing the worst real estate bubble in the history of this county. There were predictions that we could have up to 21 million households upside down in their house in three years. I believe Fannie Mae is taking an early position to make people think twice before they perform a strategic default.

DEFINITION OF A STRATEGIC DEFAULT

This is when a home owner is walking away from their mortgage that they could pay but have decided not to because they owe more than their house is were worth at the current time. Home owners are not seeing any hope. So, their ideal suggestion is to give up and start all over.

Furthermore, Fannie Mae stated that they will pursue deficiency judgments in states that allow this by law. Please contact Harry D'Eliato learn more about your option in Arizona. Do you want to be on this list? Strategic defaults are continuing to rise because people have lost hope in the American Finance Machine. People on Wall Street continue to receive big bonuses at Christmas time and the American home owner is losing their home. Where is the balance? Who is monitoring Wall Street?

Fannie Mae will look at each hardship as it crosses it desk. A person with an acceptable hard ship or an approved short sale will only have to wait two years before obtaining a mortgage backed by Fannie Mae. Another option for home owners is to sign over their house in a "deed in lieu of foreclosure" to avoid a lengthy foreclosure process.

Statistics show that 7 out of 10 people who were foreclosed on their home did not seek a real estate professional for assistance. The Real Estate and Beyond Teamis here to serve the Phoenix, Arizona. We have professional lawyers, CPAs and tax attorneys waiting to assist you during your time of need. Would you like to know your options? If you cannot sleep at night, then please contact Harry D'Elia.

Harry D'Elia recently acquired another Realtor Designation-

CERTIFIED SHORT SALE NEGOTIATOR (CSSN)

 

 

Make the Call, Set the Plan, Do the Deal$!

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Rainer
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Don Spera
CR Property Group, LLC - East York, PA
Serving York and Adams County, PA

Heather, I enjoyed your post and we do not need people out there taking advantage of the system, it only hurts your friend, family and neighbors in the long run.  I fully agree with you about your comments on Wall Street.  This stimulus money had did not have many irresponsible people handling it, and looks like the big executives made out like bandits, and they have to guilt at all about it while sitting at the beach, sucking down Mai Tai's.

Jun 23, 2010 06:45 PM #1
Rainmaker
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Bill Gassett
RE/MAX Executive Realty - Hopkinton, MA
Metrowest Massachusetts Real Estate

Hi Heather - I have written a blog post over on my wordpress blog regarding strategic defaults. Check it out at Fannie Mae strikes against strategic defaults.

Jun 26, 2010 12:23 AM #2
Rainmaker
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Heather Fitzgerald
REALTY WORLD-Harbert Company, Inc. - Greenwood, IN
REALTOR Greenwood Indiana Real Estate

How true Don.

Bill thanks for sending me this link.

Jun 27, 2010 05:05 PM #3
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Rainmaker
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Heather Fitzgerald

REALTOR Greenwood Indiana Real Estate
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