Tag Archives: underwater mortgage

Fannie Mae threatens “strategic defaulters”

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 … Continue reading

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Strategic Default

Last night, on 60 Minutes, there was a segment about people strategically defaulting on their mortgages. Watch the video to gain some insight into why people are doing it, and how they struggled with deciding whether they should do it.

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CitiMortgage’s Deed in Lieu of Foreclosure Program

The New York Times recently posted this article about CitiMortgage testing out a deed in lieu of foreclosure program in New Jersey, Texas, Florida, Illinois, Michigan, and Ohio. According to the article, this new program “is similar to one announced … Continue reading

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Deficiency Judgments after Foreclosure in Minnesota

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 … Continue reading

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Options for Homeowners in Underwater Mortgages: When You Can’t Save Your House

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 … Continue reading

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