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Replies (7)
- Dunes....
- Contributions:3894
Wonder if the Mortgage Bankers Association would have walked on their Mortgage (Strategically Defaulted) if there had been something like that in place? Mortgage Bankers Association Strategic Default
- Simon Mills, "Mills Realty"
- Contributions:1858
Nothing like a lending institution trying to change the rules in the middle of the game.
- Rich Lee, "Real Estate Geek"
- Contributions:99
Brian,
Thanks. Good to know. Someone will pay for these loans. If it will not be the borrower, it'll end up being the taxpayers!
Cheers,
Rich
Thanks. Good to know. Someone will pay for these loans. If it will not be the borrower, it'll end up being the taxpayers!
Cheers,
Rich
- sunnyview
- Contributions:25139
They always say that those that win the war write the history books and it looks like the victors get to write the laws to suit themselves too. Gotta love the double standard as long as you've got the government's ear.
Now where did that team of lobbyists that I hired go?
Now where did that team of lobbyists that I hired go?
considering many states such as California and Arizona have anti deficiency laws, fannie can "consider" doing whatever it wants to. Simply put, if an owner is protected by these laws, there is absolutely nothing Fannie Freddie or anyone else can do.
Furthermore, since Fannie is in fact itself bankrupt and a ward of the government, who the heck knows if they will even be around to do anything to anybody for much longer?
Furthermore, since Fannie is in fact itself bankrupt and a ward of the government, who the heck knows if they will even be around to do anything to anybody for much longer?
- Latika Archuleta, "Latika Archuleta"
- Contributions:45
This is interesting to consider when many times I have seen homeoweners work with the banks for over a year trying to get a loan mod, only to be denied for apparently frivilous amounts ( yes like a $50.00 budget difference) and had their short sale request denied, even though they have valid short sale offers on the properties.... this is very disconcerting.. the banks are makin all of the rules and then breaking all their own rules and the consumer, wether seller or the tax payer gets stuck with the consequences......
- justin ruzicka, "Fort Myers Homes"
- Contributions:31
In Lee County Florida, the News-Press ran an article "small" article on how deficiency judgements went from 40 in a year to 300 for year to date. Florida is not as wise of a state as CA or AZ....I wish we where...URRRRRRR.
Penalties Increase for Borrowes Who Walk Away
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- 0.0/5.0
- (no reviews)
Contributions:66Fannie Mae is also considering legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. The company plans to instruct its servicers to monitor delinquent loans facing foreclosure and recommend cases that might warrant the pursuit of deficiency judgments.
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