Fannie and Freddie offering short sale help to military homeowners

Military homeowners with Fannie Mae or Freddie Mac mortgages will find it easier to sell their underwater homes in a short sale when they are ordered to move as part of their duty, under a new Federal Housing Finance Agency (FHFA) policy change.

Military homeowners who have received Permanent Change of Station orders and must move quickly would be eligible for a short sale or deed-in-lieu of foreclosure allowing them to avoid foreclosure.

“It is in everyone’s interest for the men and women serving in our armed forces to focus on the important job they are doing defending our country, rather than worry about the maintenance and leasing of a property in another jurisdiction,” said FHFA Acting Director Edward J. DeMarco, in a release. “These Fannie Mae and Freddie Mac policy changes, in combination with related guidance last fall, should now provide military homeowners with access to the immediate and automatic full range of foreclosure alternatives.”

Learn more from:

FHFA - http://www.fhfa.gov/webfiles/24026/CFPBFinalwFS.pdf

Fannie Mae - http://www.knowyouroptions.com/Military

Freddie Mac - http://www.freddiemac.com/avoidforeclosure

 

This entry was posted in Housing Market, Uncategorized by Stephanie Sievers. Bookmark the permalink.

About Stephanie Sievers

Stephanie Sievers is Senior Editor for the Illinois Association of REALTORS®. She serves as Senior Editor for IAR publications including the Illinois REALTOR® magazine and all other IAR publications. She is responsible for developing content for the Illinois REALTOR® Weekly Connection e-newsletter, coordinates the IAR Twitter account content at ILREALTOR and plans and develops content for videos. She assists in developing and writing content for the IAR blog. She also is involved in researching and drafting news releases and coordinates the news media distribution database and newsclips reports for the Association. She also assists in IAR spokesperson training seminars and is involved in development of association briefing materials on issues. She assists with the housing statistics program and reports.

2 thoughts on “Fannie and Freddie offering short sale help to military homeowners

  1. I THINK THIS IS A GREAT IDEA. I WORK FANNIE AND FREDDIE FORECLOSURES.
    IT’S SAD. ESPECIALLY FOR OUR MILITARY. I WORK NEAR GREAT LAKES AND THERE A LOT OF MILITARY WHO HAVE BOUGHT HOMES AND ARE NOW IN A SHORT
    SALE OR FORECLOSURE STATUS.
    I DON’T THINK THAT THE BURACRATIC CONGRESS MEMBERS THAT WHAT TO KEEP US AT WAR AND CUT MILITARY BENEFITS HAVE A CLUE WHAT SACRIFICE OUR MILITARY MEMBERS MAKE TO DEFEND OUR COUNTRY. I ADMIRE TAMMY DUCKWORTH FOR HER SACRIFICE AND DEDICATION TO THE AMERICAN DREAM.
    PEOPLE WHO KNOW FIRST HAND WANT OUT VETERANS GO THRU ENCOURAGE
    AND SUPPORT THE NEEDS OF OUR TROOPS.
    SOMETIMES OUR MILITARYS PRIDE KEEPS THEM FROM ASKING FOR HELP. I THINK THAT THIS INFO SHOULD BE BROADCAST IN THE ARMY AND NAVY WEEKLY BASE PUBLICATIONS.
    THIS IS A VERY POSITIVE STEP FORWARD IN A SENSITIVE AREA TO HELP OUR HOMEOWNERS AND HELP THEM FOCUS ON THE EFFORTS THEY MAKE TO SECURE OUR SAFETY AND FREEDOM. I CONGRATULATE FOUNDERS OF THE LEGISLATION.

  2. I have a client (active duty) who tried short selling her condo and CCO Mortgage would not respond to the short sale. Its going on 2 years since she has agreed to a deed in lieu because they would not cooperate with a short sale. I sent her this article and she informed me that CCO still has not taken care of the necessary paperwork for the deed in lieu. I wonder if she has any recourse and can not do a short sale to save her credit and mitigate the loss. She was deployed nursing our heroes back to good health doing everything “the right way” and it irks me that the bank was not at all responsive. If someone knows who can assist us with CCO mortgage and this new opportunity mandating that her Fannie Mae loan be available for short sale – please contact me.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong>