Mortgages & Creative Financing

Losing Your Home to Foreclosure? Shoot Yourself and All Will be Forgiven by Fannie Mae?

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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.

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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?

Joshua Dorkin is a serial entrepreneur, investor, podcaster, publisher, educator, and co-author of
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    Jason Sandquist
    Replied over 11 years ago
    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.
    Jason Sandquist
    Replied over 11 years ago
    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. Reply Report comment
    Barbara Grassey
    Replied over 11 years ago
    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.
    Roz Parker
    Replied over 11 years ago
    There is no reason someone should lose their home. Help is available. This situation is a mess hopefully it will get better
    Mary Mahaffy
    Replied over 11 years ago
    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.