Jun 24, 2010
Fannie Mae can pursue deficiency judgments in Virginia
24 Jun 2010
Posted by VAR
Fannie Mae’s announcement of stiff new policies and procedures for borrowers who choose strategic default is especially relevant in Virginia. That’s because the Commonwealth allows lenders to pursue deficiency judgments against borrowers who default on home loans. In case you didn’t see the news, Fannie now says it will pursue deficiency judgments against borrowers who choose to walk away.
Fannie also announced that if it has evidence the borrower chose to just walk away from a previous loan, it won’t guarantee a new loan for any homeowner for seven years.