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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Sounds like saber rattling... Posted by Ward-CA on July 13, 2010 at 0:19 AM In Reply to: Hey Ward... posted by mike on July 08, 2010 at 4:04 PM Mike, First of all, FNMA (“fannie mae”) can’t take any retroactive action against someone for engaging in a Strategic Default of a loan that occurred prior to the formal change of FNMA’s rules of the game (the “nationwide crackdown”). A common consequence of having a foreclosure against your credit record is that you won’t be able to get another home loan for 5 to 7 years. So the threat that Fannie Mae, Freddie Mac or FHA will formally bar a strategic loan defaulter from getting another home loan, for the same period of time, seems a little lame. Finally, such a circumstance will just cause “subject to” transactions to become very popular. ----------------Ward ============== What’s this? http://tinyurl.com/StrategicDefaultScare "So what can Fannie Mae do to those who have committed strategic defaults? Well, the truth is that mortgage laws vary widely from state to state. But in areas where they are permitted, Fannie Mae plans to pursue deficiency judgments. A deficiency judgment is a court order that requires a defaulting borrower to pay the entire remaining unpaid portion of the mortgage after a foreclosed home is sold." ? Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : Mike, : First of all, FNMA (“fannie mae”) can’t take any retroactive action against someone for engaging in a Strategic Default of a loan that occurred prior to the formal change of FNMA’s rules of the game (the “nationwide crackdown”). : A common consequence of having a foreclosure against your credit record is that you won’t be able to get another home loan for 5 to 7 years. So the threat that Fannie Mae, Freddie Mac or FHA will formally bar a strategic loan defaulter from getting another home loan, for the same period of time, seems a little lame. : Finally, such a circumstance will just cause “subject to” transactions to become very popular. : ----------------Ward : ============== : What’s this? : http://tinyurl.com/StrategicDefaultScare : "So what can Fannie Mae do to those who have committed strategic defaults? Well, the truth is that mortgage laws vary widely from state to state. But in areas where they are permitted, Fannie Mae plans to pursue deficiency judgments. A deficiency judgment is a court order that requires a defaulting borrower to pay the entire remaining unpaid portion of the mortgage after a foreclosed home is sold." ? [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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