-
They'd Rather You Go Down With Your Ship
-
Fannie Mae is trying to discourage people from voluntarily walking away from their mortgages with "strategic defaults" by barring them from getting new loans for seven years. If you're hopelessly underwater but still haven't missed your payments, they want you to modify your loan instead. That's all well and good, but you CAN'T GET A MODIFICATION. If they WON'T GIVE YOU A MODIFICATION, how are you supposed to get out from under the loan you have? They leave that part out. (AP via MSNBC)
Have an opinion? Add your comment below.