FHFA Announces New Short Sale Guidance
On August 21, 2012, the Federal Housing Finance Agency
(FHFA, the conservator of Fannie Mae and Freddie Mac), announced that Fannie
Mae and Freddie Mac would be issuing new guidelines to enhance and streamline
the short sale process. Servicers of Fannie and Freddie loans will be allowed
to approve short sales for borrowers with severe financial hardship with
limited documentation, provide borrowers who are current on their loan the
option for a short sale if they face a financial hardship such as divorce, long
distance employment transfer, or a severe disability, and provide valuation
guidance to real estate agents early on in the short sale process. Servicers
are required to implement the changes by November 1, 2012.
Information provided by the National Association of REALTORS
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