Fannie Mae Says “Don’t Walk Away”
Strategic defaults are anything but strategic for distressed homeowners today. The Distressed Property Institute and CEO Alex Charfen, author of the CDPE, have stood against this practice from the very beginning. Now Fannie Mae has intensified penalties for those who “strategically default” on their mortgages, stating:
“… defaulting borrowers who walk away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the day of foreclosure.”
This is yet another reason that homeowners should seek other alternatives to foreclosure, including short sales, and why agents need to have all the information to counsel distressed homeowners properly.
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3 Comments
Bruce
June 26th, 2010
I was glad to see this as strategic defaults are becoming more prevalent and adding to the housing problems.
Marilyn Dangelo
August 4th, 2010
i saw the below information on fannie’s site, do you think this is a good course to take, or do we get enough info from CDPE institute
Register today for Fannie Mae’s 2010 Housing Finance Institute™ (HFI)
Now in its 14th year, HFI has helped thousands of sellers and servicers improve productivity, streamline processes, and optimize resources. Whether you’re an industry veteran or a newcomer, HFI provides value – with insights and resources for today’s market.
The 2010 HFI will hold six sessions in five cities and offer courses on secondary marketing, underwriting, servicing, and investor accounting. The HFI team has updated existing courses to inform you of the latest market and policy changes. Each course is taught by a knowledgeable industry professional in a classroom setting that encourages individual participation, peer interaction, practical applications, and a clear understanding of the subject matter. As an added benefit, HFI often attracts regional Fannie Mae representatives who welcome the opportunity to interact with customers.
Ron Legrand
July 1st, 2011
Desperately been searching everywhere on info about this. Really thanks a ton.