Working with your servicer is always a good option. Fannie Mae has recently announced that borrowers will not be allowed to just default on their loans without completing a workout alternative in good faith. If a borrower does not put in a good faith effort they will not be eligible for a Fannie Mae backed mortgage loan for a period of seven years from the date of foreclosure. However extenuating circumstances are always reviewed on a case by case basis. So simply walking away from your loan is not an option. Work with your servicer and supply them with all relevant information and they can provide you options that go beyond foreclosure. By working with your servicer on your options you will allow yourself the option for a new mortgage loan in as little as three years.
Check out the full article below.
Fannie Mae Increases Penalties for Borrowers Who Walk Away
