Easier Short Sales Rules Coming

The Federal Housing Finance Agency (FHFA) announced that short sales on homes under Fannie Mae and Freddie Mac would get easier after Nov. 1, 2012. It issued new guidelines that help homeowners hit by a financial hardship, moved by the military or held back by a home’s second mortgage.

“The new standard short sale program will also provide relief to those underwater borrowers who need to relocate more than 50 miles for a job,” says FHFA Acting Director Edward J. DeMarco.

“We hope these new guidelines will allow many more hardworking American homeowners that would have previously been denied a short sale to now be approved and avoid defaulting on their mortgage loan,” says NAR President Moe Veissi, broker-owner of Veissi & Associates Inc. in Miami.

Read details of full article here Florida Realtor