Military Homeowners with Fannie Mae or Freddie Mac Loans Recieve Short Sale Assistance
FHFA Announces Short Sale Assistance for Military Homeowners with Fannie Mae or Freddie Mac Loans
Washington, DC – http://www.fhfa.gov/webfiles/24026/CFPBFinalwFS.pdf
Acting Director Edward J. DeMarco, of the Federal Housing Finance Agency(FHFA) recently announced changes to short sale policies. Some of these changes will make it easier for military homeowners with Fannie Mae and Freddie Mac loans to honor their financial commitments when they are required to move as part of their duty.
At a news conference, Director Richard Cordray, CFPB Assistant Director of Servicemember Affairs Holly Petraeus, and Deputy Assistant Secretary of Defense for Military Community and Family Policy Robert L. Gordon III, DeMarco announced that military homeowners who receive Permanent Change of Station (PCS) orders will be eligible to sell their homes in a short sale even if they are current on their mortgage.
"These Fannie Mae and Freddie Mac policy changes, in combination with related guidance last fall, should now provide military homeowners with access to the immediate and automatic full range of foreclosure alternatives."
Under the new policy Fannie Mae and Freddie Mac will not pursue a deficiency judgment or any cash contribution or promissory note from members of the military with a change in duty station for any property purchased on or before June 30, 2012. Service members must have a Fannie Mae or Freddie Mac loan to be eligible.
Service members can check Fannie Mae or Freddie Mac websites to see if their loans are held by them or they can call hotlines for military homeowners at 1-877-MIL-4566 or 1-800-FREDDIE.
Pam Crawford, ABR,e-PRO®,CRS,CDPE,LMC
Owner, REALTOR®, Managing Partner, MBA, BSBA
RE/MAX Professional Associates
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