Add Your Signature to the Petition - Reforming Regulations Concerning Short Sales

While 70 percent* of Americans see homeownership as part of achieving the American dream, the homeownership rate has taken a 10 year decline** that hasn’t been seen since the Great Depression.  While some steps have been taken to assist underwater homeowners to refinance, ***  A fast transition back into homeownership is good for the economy, consumer confidence, the housing market and indeed...the banks.

Some actions can be taken that require no congressional approval.  We, the signers of this petition, ask that the administration to work through the executive branch to implement the following:

• Have the FHFA change Fannie and Freddie's guidelines regarding how long a consumer waits to be eligible for a new mortgage after a short sale to no waiting period if there were no late mortgage payments prior to the short sale and 1 year if there were.
• Have HUD amend FHA's requirement to wait 3 years after a short sale where the consumer had late payments in the 12 months preceding the short sale. It should be amended to a 1 year.
• Have HUD clarify their guidelines regarding buying a short sale where the consumer didn't have late mortgage payments prior to the short sale.
• Have the FHFA, pressure PMI companies to waive their right to deficiency judgment in the event of a short sale.
• Impose a 5 year moratorium on deficiency judgments on first mortgages.

Thank you for your consideration.

Sources:

*http://info.trulia.com/index.php?s=43&item=131 **http://www.mortgageorb.com/e107_plugins/content/content.php?content.9913 ***http://iloanhomemortgage.com/uncategorized/fannie-mae-and-freddie-make-mac-move-to-no-loan-to-value-limit-loans-on-harp/