Fannie Mae recently announced that it plans to punish people who strategically default on their mortgages.  This announcement was met with skepticism by some housing and lending experts.
It’s difficult to blame Fannie Mae for being nervous about people walking away from their mortgages when strategic default is being regularly reported on in the news:
Owners [...]

The Minnesota Home Ownership Center recently blogged about how the “next wave of foreclosures is rapidly approaching Minnesota.” It predicted that this wave of foreclosures will have a large impact on the outer-ring suburbs of the Twin Cities.
Mortgage delinquencies are currently at historic highs. According to a recent report from Lender Processing Services more [...]

The Dakota County Community Development Agency runs the Mortgage Foreclosure Prevention Program for Dakota County residents. If you are a homeowner in Dakota County who may be facing foreclosure, or if you are already in foreclosure, click here for more information about the Mortgage Foreclosure Prevention Program.
Minnesota homeowners living outside of Dakota County can contact [...]

On the Credit Slips blog, Katie Porter recently posted a follow-up blog entry to an article that she wrote in 2007 about the failure of lenders to produce proper paperwork in bankruptcy mortgage claims.  The blog entry and the cases that she links to are worth reading.

When a homeowner is worried that they might lose their house to foreclosure, they are usually also worried about whether their state is a “recourse” or “non-recourse” state. In a non-recourse state, if the funds from the sale of the mortgaged property (the house) are  not enough to cover the outstanding debt (the amount the [...]

As I discussed in my posts about the different options for homeowners in “underwater” mortgages, Minnesota allows for deficiency judgments in some cases. See Minn. Stat. § 582.30. CNN recently posted this article about mortgage lenders pursuing deficiency judgments. These deficiency judgments have caused people to have to file for bankruptcy, even after they thought [...]

If you are struggling to pay your mortgage due to a job loss or transfer, illness, or change in life circumstances (such as a divorce), you may not be able to save your house. When the housing market was in better shape, people used to be able to easily sell their houses when these situations [...]