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Many homes in the North Scottsdale Real Estate market are underwater; meaning that the owners owe significantly more to their lender for the property than the home is actually worth on the open market. This drop in value signifies tough economic situations for many people and an drastic increase in foreclosures. Some of those foreclosures are people that cannot afford their monthly payments. Some of those foreclosures are a strategic default.
Fannie Mae has taken a strong stance against individuals that strategic default on their home. This Video explains what they plan on doing to anyone that attempts to walk away from their property despite having the financial wherewithal to continue making their payments. This is another example of how it is always better to pursue a short sale or loan modification instead of giving up and going into foreclosure.
Here is the official press release from Fannie Mae
What’s your opinion of strategic defaults? What’s your opinion of Fannie Mae’s hard-line stance against them? Leave a comment below and let us know!
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