Friday, July 6, 2012

FHFA Announces Short Sale Assistance for Military

On June 21,2012 the Federal Housing Finance Agency is announcing changes to short sale polices that will make it easier for military homeowners with Fannie Mae and Freddie Mac Mortgages to honor their financial responsibilities when they are issued ta Permanent Change of Station (PCS) order. 

This program will alleviate the tough issues that the average home owner is facing when they sell their home in this tough economy.  When a member of the armed forces receives a PCS orders it requires them to move to a new duty station under short, strict time lines.  If their homes have declined in value, they may be unable to sell the home and obtain sufficient funds to pay off the mortgage debt obligating them to continue making monthly payments after relocating to a new duty station. 

What this program will do is allow these service members with PCS orders eligible for a short sale immediately, even when they are current on their existing mortgage.  Once they receive permission stating they are eligible they will be exempt from deficiency judgments from Fannie Mae and Freddie Mac.  They will be relieved of any request or requirement for a cash contribution or promissory note so long as the property was purchased on or before June 30, 2012. 

To be eligible the person must be in the military and have a PCS order.  Their current mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac.

If you think you may be eligible for this program, please call me today!!!  I am a short sale expert in the Central Ohio area and if you qualify for this program you can hire me for FREE to assist you!!!

Molly Hay
Realtor, CDPE & SFR
Remax Town Center