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.

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?

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Joshua Dorkin

Joshua Dorkin (@jrdorkin, Google+) founded BiggerPockets.com when he saw a need for free, trustworthy information about real estate investing online. Over the past 12 years, Josh has grown the site from self-funded hobby to full-time job and passion. Today, BiggerPockets brings together over 600,000 members, housing the world’s largest library of real estate content, iTunes’ #1 real estate podcast, and an array of analysis tools, all geared toward helping users succeed.

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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