Who knew we
had mortgage cops right? We evidently we do. As recently reported in the Chicago Times the Office of the
Inspector General at the Federal Housing Finance Agency – the supervisory
agency of Fannie Mae and Freddie
Mac has launched an investigation into those who could have
paid for their mortgage but decided to let the properties go to foreclosure
instead.
So let’s
think about this for a minute. Can the Feds really come after you if you could
pay the mortgage and decided to let the property be foreclosed on instead? The OIG
thinks so. They figure Fannie
and Freddie lost nearly a billion dollars to Strategic
Default and they want their money back. They are especially focused on the “Buy and Bail” crowd – those who bought
another property and let he first one go to foreclosure.
So you have
heard me before say that it truly is a business decision to get out from under
your underwater mortgage – but what if you are classified as a Strategic
Defaulter?
Guys that is
where a West Sacramento Short Sale comes in. In
order to complete a West Sacramento Short Sale the investor,
in this case Fannie Mae
or Freddie Mac have to agree to the West Sacramento Short Sale. If they agree
to let you out of the mortgage how can they possibly come back after you? As
long as you did not falsify information on your mortgage application the answer
is they can’t.
If you are
upside down in your property and you have made the decision to walk away from
the mortgage, a West Sacramento Short Sale is the safer
way to go, not to mention it is easier on your credit and you can buy again
within 2-3 years vs. 5-7 in a foreclosure.
Is a West Sacramento Short Sale Right for Me?
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