What happens if I default on my Fannie Mae mortgage?

If you default on your Fannie Mae mortgage, a series of consequences may occur. Firstly, your credit score will be adversely affected, which can make it difficult for you to obtain future loans or credit. Furthermore, Fannie Mae may begin foreclosure proceedings, leading to the possibility of losing your home. To avoid this, it is recommended to reach out to your mortgage servicer immediately when facing financial difficulties. Fannie Mae offers various options for borrowers experiencing financial hardship, such as loan modification or repayment plans. These alternatives can help you retain your home and prevent foreclosure. It is crucial to communicate and provide necessary financial documentation to your servicer to explore available options and find a solution to your mortgage default.