Federal National Mortgage Association Foreclosures Are a Reality

Are you in need of government help to stop a foreclosure? Unfortunately many people are in that situation in the current economy. Fortunately there are programs available for those who seek them out. Remember, it’s up to you to find the help; no one is going to come knocking on your door.

Conduct Research on Your Own

Many people who are facing foreclosure are so stunned they just stand in the middle of the floor and throw their hands in the air. They either don’t know there is anything they can do or are just too frustrated to find out. Do you fall into one of these categories? If so you need to take the time to seek out government programs to stop foreclosure instead of simply accepting what you perceive to be the inevitable. There are enough options available in today’s market that very few homeowners actually have to face losing their homes. Where can you find the information you need? How do you find out about these programs?

• Library
• Newspaper
• Internet
• Government agencies and municipalities
• Current lender
• Friends, relatives and co-workers
• Financial consultants and legal professionals

These are only some of the possibilities you might choose to find ways to prevent foreclosure. Our website at Credit-Yogi.com can offer more advice on finding government help and loan to stop foreclosure.

No Exemptions for Federally Insured Mortgages

Don’t make the mistake of thinking you are exempt from Federal Home Loan Mortgage Corporation foreclosures. I overheard a couple talking one day about suing the mortgage company because they swore they were exempt from foreclosure because their mortgage was insured by the government. I’m not sure if they really believed that or planned to use it as a delay tactic, but in either case they would have lost. The government’s share only comes into the picture after the home is sold although some government agencies will pay up front and then take over the mortgage and resale.

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Avoid Government Foreclosures

Just like FHLMC, you are not exempt from Federal National Mortgage Association foreclosures. The government will pay off your mortgage as stated in the mortgage documents and may actually file a judgment to collect any deficiency balance from the homeowner. You may also face tax liability for any amount the mortgage company writes off; the IRS sees this as income for the homeowner. While that may seem like a double whammy—losing your home and then having to pay taxes on a portion of it as well—that is unfortunately not the way the IRS sees it. Because you don’t have to repay that money and the lender isn’t going to try to collect from you, it’s money in the bank so to speak.