Fannie mae foreclosures market value forum

Fannie mae foreclosures market value forum full#

If you have a second mortgage, it is unlikely that you will be able to obtain a deed-in-lieu.ДЄ consent foreclosure is done after the bank has filed a foreclosure action. Some banks will want you to list the home for ninety days before they will accept a deed-in-lieu. The bank agrees to take the property and to not pursue a deficiency judgment against the borrower. In Illinois, this is commonly done in two ways: a deed-in-lieu of foreclosure and a consent foreclosure.ДЄ deed-in-lieu of foreclosure is used before foreclosure is filed. Strategic Foreclosure Is A Better Choice In a strategic foreclosure, an underwater homeowner attempts to return the property to the bank.To make things worse, Fannie Mae has established new guidelines that could prevent you from obtaining a new mortgage for up to seven years. Since most people engaging in strategic default are also underwater on their mortgages, this is probably a hefty sum of money. That deficiency is the difference between the value of the loan and what the property sold for at foreclosure. In addition to the damage it will do to your credit, homeowners who simply 'walk away' may be liable for a deficiency judgment against them. Strategic Default Is Not A Good Choice Regardless of what you may read on the Internet, strategic default is a bad idea for 99.9% of borrowers.

Fannie mae foreclosures market value forum full#

Strategic foreclosure is the practice of getting the bank to take back your home as full satisfaction of your debt. In this sense, borrowers simply stop paying, pack up, and move out, leaving the bank to foreclose on the home. Strategic Default and Strategic Foreclosure Defined Strategic default commonly refers to the practice of 'walking away' from a mortgage.