Losing Your Home to Foreclosure? Shoot Yourself and All Will be Forgiven by Fannie Mae?
Author: Joshua Dorkin • URL: http://www.biggerpockets.com/October 4th, 2008 •
In a sign that things have really gone awry, a 90 year old woman, Addie Polk, who was being evicted from her foreclosed home, shot herself two times. This tragedy has become a national story.
According to CNN, “Fannie Mae said it will set aside the loan of a woman who shot herself as sheriff’s deputies tried to evict her from her foreclosed home. On Friday, Fannie Mae spokesman Brian Faith said the mortgage association had decided to halt action against Polk and sign the property “outright” to her.
‘We’re going to forgive whatever outstanding balance she had on the loan and give her the house,” Faith said. “Given the circumstances, we think it’s appropriate.’”
Thoughts?
Welcome to Our Blog!
Welcome to the Real Estate Dispatch from BiggerPockets.com. Our blog brings together experts in various fields of real estate with the goal of keeping our readers informed and up to speed. Whether you're a real estate professional (lender, Realtor, banker, etc), investor (landlord, flipper, wholesaler, etc.), or simply a consumer, renter or homeowner interested in the world of real estate, this blog is the place for you to get involved!
You can subscribe to our RSS feed, get blog updates by email, join our free mailing list, or best of all, join our social network along with 35,000 others interested in real estate education, dealmaking, networking, and marketing.
Joshua Dorkin
Charles Feldman
Ted Karsch.
Richard Warren
It’s a tragic situation but no way believe in forgiving the loan balance by Fannie Mae. I read this last night on CNN and mad me kinda mad. How many others are going to try this now. I bet the lady didn’t think that she was going to live.
If only we could get the guys on Wall Street to start shooting themselves, maybe I would be more inclined to forgive the bundling, derivative ether and the securitization two-step. Nah.
There is no reason someone should lose their home. Help is available. This situation is a mess hopefully it will get better
I’d like to see the senate and house banking committees shoot themselves. I might think they had some regret for being bought off wholesale and refusing 6 attempts to get a handle on bum-rush loans by 2 different presidents. Actually, I’d just assume they’d accidently hurt themselves.