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

by | BiggerPockets.com

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?

About Author

Joshua Dorkin

Joshua Dorkin is a serial entrepreneur, investor, podcaster, publisher, educator, and co-author of How to Invest in Real Estate. He started BiggerPockets to help democratize the real estate investing landscape for himself and others, aiming to make it accessible for everyone, regardless of income or education. Today, BiggerPockets is the premier real estate investing website online with over one million members and reaching over 70 million people with the message of financial freedom through real estate investing. Joshua, along with his wife and three daughters, make their home in Denver, Colorado, and spend any time they can traveling, exploring, and adventuring. Read more about Joshua’s story in 5280 and Inc.com.

4 Comments

  1. 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.

  2. Barbara Grassey on

    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.

  3. 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.

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