California Defaulters Hit Hard by Fannie Mae's New Rules
Fannie Mae last week announced that it would deny government backed mortgages to homeoweers for seven years if they could afford their home but who walked away from mortgage payments because the home dropped in value. If you are a California home buyer who had the ability to pay your mortgage and didn't try to renegotiate with your lender in good faith to avoid foreclosure, you fall into this category. Fannie Mae also said that it will eventually take legal action against those who chose the option of “strategic default” – walking away from mortgages when the value of the homes fell an extreme amount – to recover loan balances.
When you buy a house anywhere, no one promises you that the home will go up in value. “When the market value of property falls, that's the risk you take for what should essentially be a long term purchase that is bound to have ups and downs,” argue the banks. While that may be the case, it is also indisputable that many homeowners are in financial hot water. Presently one quarter of all home loans in the U.S. are underwater and the Fannie Mae delinquency rate is over 5%.
The moral problem especially arises for individuals who continue to live in their “strategic default” homes rent free for the one to two years it takes for the loans to arrive at foreclosure. In Fannie Mae's thinking, walking away from those loans, without a good faith attempt to renegotiate lending terms, marks the homeowners as potential risks for repeating the process all over again with the next government backed loan. Hence its new policy of “banning.” Fannie Mae representatives said that in hardship cases they will consider the circumstances of their earlier default and in some cases grant an exemption from their new rules.
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