Walking away from mortgage is a big step

WASHINGTON, April 13 (UPI) -- Fannie Mae and Freddie Mac are warning struggling U.S. homeowners to think twice about walking away from their mortgages.

The two lenders, the largest two sources of mortgages in the nation, say they could be blackballed from the mortgage market for several years unless they can show viable extenuating circumstances.

The San Francisco Chronicle reported Sunday that the warnings were made amid a rising number of sales pitches to troubled consumers promising their credit could be tidied up and they could nail another mortgage in short order even if they walk away from their current obligations.

But Robin Stout Migala, consumer outreach manager for Freddie Mac, told the Chronicle consumers would likely see their credit wrecked and could also face tax troubles down the road.