Fannie to Allow Walkaways by On-Time borrowers: Mortgages

[Floridagail]

I read on Bloomberg.com news, that Fannie to Allow walkaways in March on first mortgages. Now it does still require hardship. Need to move for job etc.
But what is the point , you will still get hit on your credit report and possibly have to pay some settlement amount if your financials show you have the money. Second mortgages do not count.

I think we are going to see more walkaways in this year than expected.

I still have no reqret on doing our walkway default, only wish we would of done it sooner. We were able to save more money in our 401k and paid toward car loans.

[tobee43]

kinda cracks me up...you can walk on any type of mortgage, frannie, freddy, sallie....fha...walking is walking. funny how now they are stating that they are "allowing" it? control control...we have control over our own lives, i still hope so anyway.

[justbroke]

I noticed that as well. I don't know how a bank "allows" you to walk away. You just do it and suffer your fate (foreclosure, collections, judgement, etc).

[Floridagail]

Yeah, I printed the article for one of few neighbors, who has not defaulted in our sub.

It is depressing to see all these new people who bought for 80K (our 250K homes) in shortsales. They are all painting the houses and sprucing up the sub right now. I cannot wait to get the heck out of here.