This is not the law, this is guidelines...
Their execution depends on the lender involved in a short sale.
They may or may not adapt them.
However, most lenders will go for these new rules because they make financial sense.
These rules allow to make the short sale process shorter - and that is good for the lender,
and for the borrower.
In any case, each situation has to look pretty compelling to the seasoned and "has seen it all" loss mitigator in the bank. Nowadays, credit reports are checked, overall picture is looked at, and the hardship letter should show real hardship as per guidelines. Also - there are audits of short sales.
Hope this helps,
Beachfront Realty, Inc.