FHFA Announces New Standard Short Sale Guidelines 8/21/2012
By Sandi Bauman, Chico CA Realtor
(Chico Homes Real Estate)
FHFA Announces New Standard Short Sale Guidelines for Fannie Mae and Freddie Mac; Programs Aligned to Expedite Assistance to Borrowers. Fannie Mae and Freddie Mac will waive the right to pursue deficiencyjudgments in exchange for a financial contribution when a borrower has sufficient income or assets to make cash contributions or sign promissorynotes: Servicers will evaluate borrowers for additional capacity to cover the shortfall between the outstanding loan balance and the property sales price as part of approving the short sale. • Offer special treatment for military personnel with Permanent Change of Station (PCS) orders: Service members who are being relocated will be automatically eligible for short sales, even if they are current on their existing mortgages, and will be under no...