Walk Away and Fannie Mae Will Chase You Down

Many lending institutions are beginning to take action against those who decide to walk away. Fannie Mae, according to an article in Housing Wire, announced:

• Borrowers who are determined to have the ability to make their monthly payments but walk away from their homes will not be able to secure a Fannie Mae backed mortgage for seven years after the foreclosure.
• Fannie Mae will also take legal action against borrowers who strategically default in order to recoup mortgage debt.

What does this mean to you?


Considering a strategic default? Know the ramifications before ‘walking away’ from your mortgage obligation.