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Loan Modification
: Mortgage Lender Implode-o-MeterFannie Mae to penalize homeowners who walk away
By Implode-Explode Heavy Industries
"Government-sponsored mortgage purchaser Fannie Mae is trying to encourage distressed homeowners to find alternatives to foreclosure by banning those who walk away from getting new loans for seven years...
Fannie Mae said that in locations where the law allows, it also plans to take legal action to recoup outstanding mortgage debt from borrowers who strategically default. The company plans to instruct its servicers to monitor delinquent loans facing foreclosure and recommend cases to pursue for such judgments."
Full post as published by Mortgage Lender Implode-o-Meter on June 23, 2010 (boomark / email).
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