Fannie Mae Going After Strategic Defaulters!
Banks are still trying to figure out how to deal with the foreclosures and short sales, so their rules are constantly changing. In a new move Fannie Mae is looking to see if owners that default on their loans could have, in fact, afforded to continue paying there mortgage, and if so, they are going after the defaulter’s other assets to pay back the amount the bank lost. Often times people are defaulting on their loans, even when they could afford to keep paying, because their home is worth less than they paid, and they don’t see that changing for a long time. Click HERE for the whole article.