Don't Walk Away from Mortgage Obligations
Penalties increase for borrowers who "Walk Away", or do "Jingle Mail" with their house keys. Fannie Mae has implemented the policy that penalizes borrowers who walk away despite having the ability to pay. Fannie Mae is also considering legal action to recoup the outstanding mortgage debt from borrowers who defaulted on their loans in areas that permitted deficiency judgments. Fannie Mae plans to monitor delinquencies and WILL come after you. This will even cover borrowers who could not pay, and who did not even bother to complete a workout arrangement. Unless you had an extenuating circumstance such as both borrowers losing their jobs for example, you will be ineligible to obtains a Fannie Mae mortgage loan for seven years.