BANKS BEGIN TO GO AFTER DEFICIENCY JUDGMENTS - FANNIE MAE POINTS THE WAY

Reblogger Lenn Harley
Real Estate Agent with Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate 303829;0225082372

Hey Fannie Mae! I know where you can collect a cool, quick $50,000,000.

Prosecute Franklin Raines for falsifying the Financial Reports for Fannie Mae to enhanse his bonus income.

Courtesy, Lenn Harley, Broker, Homefinders.com, 800-711-7988.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Original content by Richard Zaretsky

Earlier this week I wrote about lenders taking the next step after a foreclosure.  Foreclosures happen from borrowers that "walk away" from their upside down valued properties, whether because of job loss, other expenses more important than the mortgage payment, or just a strategic default.  You can find the other article at MOTION FOR DEFICIENCY JUDGMENT - FORECLOSURE CONSEQUENCES.

An alarming event occured after I wrote that article.  In the past, there has been a pretty heated argument about whether the mortgage lenders are going to move on their ability to pursue deficiency judgments in foreclosure actions.  Many people say that it won't happen.  I even gave a seminar on foreclosures with a Florida judge that the judge said that she did not seen any deficiency judgment requests.

In the earlier article I showed a Motion for Deficiency Judgment from First Bank.  First Bank is big in Colorado and was a national lender, but it is not as big as the lender that filed the latest deficiency judgment that came into my office - Wells Fargo.

Now some explanation - Wells Fargo is not the owner of the note in this most recent deficiency judgment case - it is FANNIE MAE.

Fannie Mae released news late last month that it would take certain action on borrowers that walked from their properties in strategic defaults, one of the actions being they would blacklist the borrower for future loans for 7 years.  Filing for a deficiency judgment is the next action it will take.  Its announcement on June 23rd said, "Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. In an announcement next month, the company will be instructing its servicers to monitor delinquent loans facing foreclosure and put forth recommendations for cases that warrant the pursuit of deficiency judgments".

This announcement makes the call that many have been making to distressed homeowners only more important - DON'T PUT YOUR HEAD IN THE SAND THINKING THIS WILL ALL PASS TOMORROW - BECOME INVOLVED IN A SOLUTION TO YOUR PROBLEM -

Distressed borrowers should call their lender - or better yet - speak to a knowledgeable real estate attorney that looks for solutions (if the real estate or other attorney is all about keeping you in your house by dragging out the foreclosure, you are not speaking to an attorney looking to find a solution for you!

Copyright 2010 Richard P. Zaretsky, Esq.

Be sure to contact your own attorney for your state laws, and always consult your own attorney on any legal decision you need to make.  This article is for information purposes and is not specific advice to any one reader.

Richard Zaretsky, Esq., RICHARD P. ZARETSKY P.A. ATTORNEYS AT LAW, 1655 PALM BEACH LAKES BLVD, SUITE 900, WEST PALM BEACH, FLORIDA 33401, PHONE 561 689 6660 begin_of_the_skype_highlighting              561 689 6660      end_of_the_skype_highlighting  RPZ99@Florida-Counsel.com - FLORIDA BAR BOARD CERTIFIED IN REAL ESTATE LAW - We assist Brokers and Sellers with Short Sales and Modifications and Consult with Brokers and Sellers Nationwide!  Shortsales@Florida-Counsel.com  New Website www.Florida-Counsel.com

See our easy to understand articles at:

TABLE OF CONTENTS - SHORT SALE AND LOAN MODIFICATION ARTICLES

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Groups:
Silent Majority
The Ninety-ninth Percentile
AR Twitter Users
Real Estate Trends
Tags:
mortgage mess

Spam prevention
Show All Comments
Rainmaker
3,831,030
Dorie Dillard CRS GRI ABR
Coldwell Banker United Realtors® ~ 512.750.6899 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Lenn,

That would be way to easy a solution! Happy Independence Day!!

Jul 04, 2010 12:22 AM #1
Show All Comments

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Ambassador
2,740,947

Lenn Harley

Real Estate Broker - Virginia & Maryland
Ask me a question
*
*
*
*
Spam prevention

Additional Information