Fannie Mae to Pursue Deficiencies
Posted by Rick Sadle on Friday, July 16th, 2010 at 11:48am.Apparently the word on the street is that Fannie Mae plans to make it harder to "strategically default". Many homeowners who are "upside down" (owe more than their home is worth) are just walking away. This is a big no no according to Fannie Mae. The mortgage giant plans to sue to recoup losses from people who don't try to work with their lenders to pursue some kind of workout first (loan modification, short sale, deed-in-lieu) and don't have any extenuating circumstances. Not only that, but they are saying that people in that situation won't be abe to get a new Fannie loan for 7 years.
Now, law suits may not be possible depending on state laws. Questions on whether this is possible should be put to an attorney, but Fannie is definitely trying to make it harder to not at least try a workout first.
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