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Freddie Mac - FHFA Announcement Of Short Sale Relief For Military Borrowers
Short Sale Mortgage Relief For Military Borrowers Fannie Mae and Freddie Mac have agreed to allow military members who are ordered to switch bases and who are still current on their mortgages to sell their homes through a short sale — one in which the homeowner sells the home for less than the outstanding mortgage amount.
The following statement was released today by Paul Mullings, Interim Head of Single Family Business and Information Technology, Freddie Mac (OTC: FMCC):
“Freddie Mac is proud to support this important new effort to help servicemen and women when national duty requires them to sell their homes in an uncertain market. We look forward to working with our servicers on this new short sale policy. Together we can help ease the challenge of relocation for military families when Permanent Change of Station orders are received.”
Today’s directive from the Federal Housing Finance Agency (FHFA) means Permanent Change of Station (PCS) orders will be considered a hardship for the purpose of qualifying borrowers serving in the armed forces for a short-sale. Once implemented the new policy will enable borrowers with PCS orders to sell a primary residence purchased on or before June 30, 2012 for less than the balance on their mortgages without ... more
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