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Showing results for tags 'fannie mae'.
Here is a scenario: Home foreclosed. BofA sues homeowners, awarded judgement for $215K ($190K loan balance plus fees). Fannie Mae takes ownership of home for $1000. Fannie Mae sells home for $175K. Court still shows judgment due to BofA unchanged at $215K. What am I missing? I would think BofA was made whole (except for maybe the fees) by Fannie Mae, as it was an FHA mortgage? So how is it that BofA got paid $190K by Fannie Mae to make them whole AND BofA still has a judgment showing they are owed $215K from homeowners? Should not the judgment now reflect o