Federal Housing Finance Agency Announces New Short Sale Guidelines for Fannie Mae/Freddie Mac

The new guidelines, which go into effect Nov. 1, 2012, will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their mortgage if they have an eligible hardship.

Most important for those of us in the relocation industry is that 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. This should provide significant assistance for our transferees looking to move but have been unable to because they are underwater on their homes.  Full details can be found here

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