According to recent reports, Fannie Mae and Freddie Mac, the two quasi-government agencies that hold millions of home loans across the United States, plan to pursue strategic defaulters more aggressively in 2014. This change in policy could In the past, mortgage lenders would simply sell the home at a foreclosure sale and use the proceeds to pay off the homeowners' debts.
This foreclosure sale, however, often fails to cover the entire debt. Usually, Fannie Mae and Freddie Mac do not seek a deficiency judgment against the homeowners for the remaining balance. Soon, however, both organizations plan to pursue deficiency judgments with greater zeal, which could pose trouble for Illinois homeowners.
Of course, it's much easier to avoid a deficiency judgment if you can fight the foreclosure action in the first place. For more information on keeping your home out of the hands of aggressive creditors, contact an Illinois foreclosure attorney today.