In & Around Kirkwood - Atlanta, GA

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Before you default on your mortgage, please read...

In the first half of 2010, more than 500,000 homes (nationwide) have gone into foreclosure. Kerry Lucasse, Atlanta Foreclosure Specialist

According to RealtyTrac, the foreclosure rates in 2010 are forecasted to exceed the 900,000+ foreclosures in 2009. 

Many of the homeowners have had to walk away because they were not able to pay their mortgages (due to job loss or other financial problems). 

There are others that CAN afford to pay their mortgage, but walk away because they don't want to pay for a $300,000 mortgage each month, when the home is now only worth $185,000.   These homeowners are called "strategic defaulters" -- and more and more homeowners are taking this route.

With the increase in foreclosures and strategic defaulters, Fannie Mae (and possibly Freddie Mac) have decided to take action.

According to USA Today, Fannie Mae says it will start penalizing "strategic defaulters" who walk away from Fannie Mae insured loans. 

"Starting in October, Fannie Mae says, strategic defaulters will be disqualified for new Fannie Mae-backed loans for seven years after their foreclosures. Fannie also says it will go to court where it can to recoup outstanding mortgage debt from borrowers who strategically default."

>>> READ THE FULL ARTICLE - "Fannie Mae Gets Tough on Strategic Mortgage Defaults" <<<

 

 

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Posted by:  Kerry Lucasse - Atlanta GA Real Estate Agent - Atlanta Home Search Team
The ATL Home Search Team is part of Keller Williams Realty, specializing in Metro Atlanta real estate.

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In & Around Atlanta Real Estate Blog - Copyright 2006 - 2014 by Kerry Lucasse and the Nest Atlanta team with eXp Realty Atlanta.  All information contained in this blog is deemed to be reliable but not guaranteed.   If you need assistance with Intown Atlanta real estate, Kerry Lucasse and the Nest Atlanta Real Estate Group are always available to assist you with your residential real estate needs!

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Comment balloon 1 commentKerry Lucasse • July 22 2010 11:25AM

Comments

Fannie is definitely taking a firm stance against Strategic Defaulters.  They must to keep more REO's than absolutely necessary from hitting the market.

Posted by Rodney Mason, FHA 203(k) & HomeStyle Renovation-AL,GA,TN (On Q Financial) about 7 years ago

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