Fannie and Freddie to Allow Underwater Borrowers to Walk Away ...

Yep, you read the title correctly. ?Fannie and Freddie have now decided that certain home owners that are currently under water on their mortgage have the ability to return the home and be?relieved?of all remaining debt on their loan. To be eligible the criteria is as follows:

• Borrowers must be current and not?delinquent?on the existing?mortgage.
• Property must be in relatively good condition.
• Borrowers must have at minimum a 55 percent debt-to-income ratio. (Meaning 55% of Gross monthly income is applied toward debt.)
• Documentation of hardship such as illness, job changes, or other.

A second property such as a vacation home or newly originated home do not prevent qualification for this program. The forgiven debt will still be reported to credit bureaus such as in cases of foreclosures and short sales. The forgiven debt is also relieved of a tax burden since Congress extended the tax free law for debt relief this past December.

For more details visit?here. You may also visit the Fannie and Freddie websites or contact your current mortgage provider.

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Source: http://homes-in-sugar-land.com/blog/2013/02/fannie-and-freddie-to-allow-underwater-borrowers-to-walk-away-from-mortgage/?utm_source=rss&utm_medium=rss&utm_campaign=fannie-and-freddie-to-allow-underwater-borrowers-to-walk-away-from-mortgage

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