Monthly Archives: June 2010

Fannie Mae Increases Penalties for Borrowers Who Walk Away

Fannie Mae announced policy changes yesterday designed to encourage borrowers to work with their loan servicers and pursue alternatives to foreclosure. I believe they are referring to “strategic defaults” which is when a borrower can afford to make the payments but chooses to walk away instead, usually because they realize it could be 15-20 years […]

Bank of America to start waiving deficiency rights

This is HUGE news for anyone considering a short sale with Bank of America. If you read my blog post titled “Short Sale Pitfalls” you should know that the key in any short sale is getting the lender to waive their right to pursue a deficiency. B of A was one of the lenders that […]