Can Borrowers REALLY Just Walk Away? Yes and NO!

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Can Borrowers REALLY Just Walk Away? Yes and NO!

roadtoforeclosure.gifGreat article from the Washington Post Writers Group –The government and the lending industry are taking aim at “walk-away” home owners who stop making payments and months later send the house keys back to their lender.

Such borrowers will not be able to get another mortgage through Fannie Mae for five years, unless there are “documented extenuating circumstances.” In that case, the prohibition is three years. Even after the prescribed time has elapsed, a borrower with a foreclosure in his file will have to make at …

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