Sorry!! The article you are trying to read is not available now.

Fannie Mae Increases Penalties for Borrowers Who Walk Away

Print comment Post Comments
Fannie Mae (FNM) announced today policy changes designed to encourage borrowers to work with their servicers and pursue alternatives to foreclosure, the company said in a press release.  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 date of foreclosure. Borrowers who have extenuating circumstances may be eligible for new loan in a shorter timeframe, the company said.