These are the New Short Sale Rules, effective November 1st, 2012:
If you are current on your mortgage, you can still qualify for a short sale if you:
are relocating more than 50 miles away (including military), going through divorce, have a permanent disability or other illness, or if the borrower or co-borrower has passed away.
If you are 90 days or more late:
and your credit score is 620 or less, you automatically qualify regardless of existence of hardship.
Second Lien Payoffs:
are standardized at $6000.00 and if there is a second lien where Freddie or Fannie is the first trust, there is deficiency waiver.
Fannie Mae and Freddie Mac are waiving deficiencies, but they reserve the right to ask for a borrower contribution or promissory note at closing. Deficiency waiver language will be included in the approval letters on Fannie/Freddie loans.
For investors: Deed restrictions: property can't be resold for 30 days, or for more than 120% in 90 days.