Fannie Mae (FNMA)

[Donotunderstand]

WTF

That is illegal -- on its face. How fast they seized or how they sold are ambiguous but the amount over the due bill to GOV should immediately go to original owner ?

(I think in NJ (where my family has experience) -- it goes something like this --- 1) Do not pay so 2) after x years (2?) the local government sells the tax due obligation to a buyer (usually bank or insurance company, 3) interest accrues at some GOV rate and 4) from point of sale of the obligation the owner has three years to settle with the buyer of unpaid due bill. 5) At that point if that bank/buyer wants they can sell the house and pocket amount owed to them and pay the rest to owner --- OR they can keep holding "the paper" and running up the interest bill ----- and sell later (again any remaining amount must go to original owner)