The Federal Housing Finance Agency has directed Fannie Mae and Freddie Mac to align existing short sales programs into
one standard short sale program and issue clear guidelines to mortgage servicers. With these changes, Fannie Mae and
Freddie Mac will allow homeowners with eligible hardships to sell their home in a short sale even if they are current on
their loans. FHFA, Fannie Mae and Freddie Mac are making these changes to help more homeowners avoid foreclosure,
keep homes occupied and help maintain stable communities. The streamlined program rules will enable lenders and
servicers to quickly and easily qualify eligible borrowers for a short sale.
NOVEMBER 1ST, 2012...SHORT SALES CAN NOW BE DONEÂ WITH BORROWERÂ CURRENT!Â
â€¢ The existing mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac.
â€¢ The person must have a demonstrated hardship which includes:
â€¢ Death of a borrower or death of the primary or secondary wage earner in the household
â€¢ Long-term disability
â€¢ Distant employment transfer/relocation (more than 50 miles one way)
â€¢ Increased housing expenses
â€¢ Disaster (natural or man-made)
â€¢ Business failure
FEDERAL HOUSING FINANCE AGENCY
FHFAÂ ANNOUNCES NEW SHORT SALE GUIDELINES!
DESIGNED TO HELP BORROWERS DO SHORT SALES IN LESS TIME!
THE NEW GUIDELINES:
â€¢ Offer a streamlined short sale approach for borrowers â€¢ Offer special treatment for military personnel with
most in need. Permanent Change of Station (PCS) orders.
â€¢ Enable servicers to quickly and easily qualify certain â€¢ Consolidate existing short sales programs into a single
borrowers who are current on their mortgages for uniform program.
short sales. â€¢ Provide servicers and borrowers clarity on processing
â€¢ Fannie Mae and Freddie Mac will waive the right a short sale when a foreclosure sale is pending.
defi ciency judgments in exchange for a â€¢ Fannie Mae and Freddie Mac will offer up to $6,000 to
financial contribution when a borrower has suffi cient second lien holders to expedite a short sale.
income or assets to make cash contributions or sign
ELIGIBILITY REQUIREMENTS (CONTINUED)
â€¢ Borrowers that need to relocate more than 50 miles one way for a job, including service members with Permanent
Change of Station Orders, can be current or delinquent on their mortgage to apply for a short sale.
â€¢ Borrowers who have the capacity to contribute to shortages will be asked to make a reasonable contribution toward
the shortfall. However, service members with Permanent Change of Station Orders will not be asked for a contribution
towards the shortage for properties purchased on or before June 30, 2012.
â€¢ Borrowers will not be eligible for a new mortgage backed by Fannie Mae or Freddie Mac for at least two years after a short sale
RESOURCES FOR MILITARY HOMEOWNERS
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.
FHFA announcement of 6/21/12: FHFA Announces Short Sale Assistance for Military Homeowners with Fannie Mae or Freddie Mac Loan
IS YOUR MORTGAGE OWNED OR GUARANTEED BY FANNIE MAE OR FREDDIE MAC?
Homeowners can determine if they have a Fannie Mae or Freddie Mac loan by going to:
â€¢ http://www.FannieMae.com/loanlookup or calling 800-7Fannie (8 am to 8 pm ET)
â€¢ https://www.FreddieMac.com/corporate/ or 800-Freddie (8 am to 8 pm ET)
ENCOURAGES HOMEOWNERS TO REACH OUT EARLY TO THEIR LENDER OR SERVICER IF THEY FACE ANY
HARDSHIP AFFECTING THEIR ABILITY TO PAY THEIR MORTGAGE
WHAT IS A SHORT SALE?
A Short Sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your
mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your
mortgage balance with the proceeds.
Over 400 short sales approved! Call 310-429-4170 or email email@example.com
Never a charge to homeowners...all fees paid by your lender.
Get up to $43,000 CASH BACK*per lender approval.