FHFA Announces Short Sale Assistance for Military Homeowners with Fannie Mae or Freddie Mac Loans
Great news for our military members!!
June 21, 2012
Washington, DC – Federal Housing Finance Agency (FHFA) Acting Director Edward J. DeMarco today announced changes to short sale policies that 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.
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.
Comment
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Comment by Pam Graham on June 25, 2012 at 4:59am
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It looks to me that it doesn't start until 60 days after their issued guidance September 30, is that how you're reading it too BB?
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Comment by Nate Gerard on June 24, 2012 at 3:46am
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It IS good news. It would be better news if they had included VA loans as well. Does anyone know of a similar program for VA loans?
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Comment by Esperanza Agbayani on June 24, 2012 at 2:31am
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I just got a listing by a widow of a Veteran with 3 young teenagers. She has 2 loans serviced by EMC. How can I find out the lenders and how I can do this fast for her as HAFA. She wants to move to a rent to get tot he right schools for the kids. Also want to get her the maximum move out incentive.
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