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New Guidlines for Short Sales

August 22, 2012

The government, FHFA just released new guidelines for those in need of a ‘Short Sale’. You no longer have to be in default on your payments – hallelujah. In fact you can be totally up to date and current with all payments. You only need to have a ‘hardship’ ( divorce,illness,relocation,unemployment to name a few). I, like many could never understand why you had to stop making payments to go into default before you were eligible for a ‘short sale’. This made a lot of people uncomfortable.

Now there are different types of short sales and this just pertains to Fannie Mae and Freddie Mac. If you would like additional information regarding this or any other housing need just drop me a line. You can check out the government website here:

http://fhfa.gov/webfiles/24211/ShortSalesPRFactFinal.pdf

 

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