· FANNIE MAE CRACKS DOWN ON WALK-AWAYS

By
Real Estate Sales Representative with Long Realty Company

·        FANNIE MAE CRACKS DOWN ON WALK-AWAYS

This is an interesting article.  Fannie Mae announced policy changes this week designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure. Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure.  This is an attempt to combat the strategic foreclosures that may be on the rise. Click the link below to read the article.

http://www.fanniemae.com/newsreleases/2010/5071.jhtml;jsessionid=XEE0HP2NXF0JNJ2FQSHSFGQ?p=Media&s=News+Releases

 Richard Lecinski

Long Realty Company

520-834-4663

http://lecinski.longrealty.com

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