Fannie Mae to Punish Strategic Defaulters with 7 Year Lockout
Pinellas Short Sales and Deeds In Lieu Option Are Better than Ever
Pinellas short sales, deeds in lieu and loan modifications remain a better option than walking away from your mortgage. Last week, Fannie Mae came out last week with big guns and their new policy to punish those who choose strategic default – which is walking away from your mortgage even though you can afford to pay for it.
Steve Cook of UPI highlights the new Fannie Mae changes in this June 24th article, though in a nutshell, don’t plan on being able to get a new mortgage for at least another 7 years if this is your strategy. That’s a long 7-year itch!
On the flip side, Fannie is looking to give give a break to those troubled homeowners who are doing the right thing by completing a short sale or deed in lieu of foreclosure.
Questions? Call us at 727-366-0324 or visit us at our site for troubled homeowners. www.ShortSalesPinellas.com.
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