From the Florida Association of Realtors Newsletter.
WASHINGTON – Aug. 22, 2012 – The Federal Housing Finance Agency (FHFA) announced that short sales on homes under Fannie Mae and Freddie Mac would get easier after Nov. 1, 2012. It issued new guidelines that help homeowners hit by a financial hardship, moved by the military or held back by a home’s second mortgage.
“The new standard short sale program will also provide relief to those underwater borrowers who need to relocate more than 50 miles for a job,” says FHFA Acting Director Edward J. DeMarco.
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Interesting that the max to junior liens went from $6k to $8.5k currently. Now back to $6k after Nov 1st. This will be a big help as 2nds now lose their leverage in negotiations.