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BILL HARRISON
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Member Since: 4/2007
Member Since: 4/2007
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How Fannie -- And You -- Bought a Hapless House
News Type: Event — Seeded on Mon Sep 29, 2008 8:10 AM EDT
Article Source: The Washington Postadvertisement
. . .The most recent owner, Phyllis High Jones, refinanced the house through Countrywide Home Loans in 2006, taking out a $208,000 mortgage that would gradually inflate to $226,000. That same year, Fannie Mae bought the loan from Countrywide. Then the housing market collapsed in Prince William County. Jones defaulted this year. The townhouse went up for auction, but there were no takers. Fannie Mae had no choice but to become the buyer of record -- sale price $226,000.
"Unfortunately, I got a bad loan," she said. She said it was a "negative amortization" loan. After a year of making her payments, she realized that the principal was increasing rather than decreasing.
"I should have educated myself more, and I didn't," she said.
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