New Short Sale Rules for Military Members
New Short Sale Solution for Military Members – Fannie Mae & Freddie Mac
Short sales are now a simpler solution for many military members. After receiving orders to transfer bases, military members have often fallen into financial hardship; forced to maintain two mortgages simultaneously or go into default. However, according to the Federal Housing Finance Agency (FHFA), Fannie Mae and Freddie Mac will now allow these military members to sell their homes through short sales if they are current on their mortgage.
In order to quality for a short sale, a homeowner has had to prove a standard “hardship” such job loss, divorce, illness. With the new policy, a military order to transfer bases will be considered a qualifying hardship for short sale approval. As a result, members of the military will be able to sell their homes for less than what they owe on their mortgage, and the lender will accept being “short changed.”
As a friend and family member to members of the military I’m very pleased that those who serve our country will be able to “move on” with dignity through short sales and find relief from financial hardship. A a Short Sale Expert, I work hard on behalf of homeowners to negotiate short sales so that you can leave your home with your head held high; without the financial or emotional damage of foreclosure.
Category: Real Estate
About the Author (Author Profile)
Ed Brophy is the Co-Owner/REALTOR® of Desert Realty and Newport Beach Realty. He's been in the real estate and mortgage industry over 10 years and has helped thousands of homeowners buy, sell, and refinance their homes both in Palm Springs and Newport Beach. Ed helps clients navigate today's complicated real estate process with his knowledge of the current real estate and mortgage markets. +Ed Brophy E-Mail: e...@g...l.comSubscribe
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