Warning - Don't Walk Away from Mortgage Obligations!

By
Real Estate Agent with Crye-Leike REALTORS® 165062

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.

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Topic:
ActiveRain Community
Location:
Virginia
Groups:
Realtors®
RE/MAX Active Rain Bloggers
Tags:
changes
new
penalties
policy
fannie mae
deficiency judgments
walkaways
jingle mail
mortgage delinquencies
jingle keys
penalizes borrowers

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

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

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

Rainmaker
430,281

Ellen Crawford

Alpharetta Real Estate Agents & Alpharetta REALTOR
Ask me a question
*
*
*
*
Spam prevention

Additional Information