In case you hadn’t heard, there are new (POSITIVE) short sale guidelines from Fannie and Freddie for active duty military that are forced to relocate to a new base. Mortgage payments can be current in this program!
At a news conference…[Federal Housing Agency] announced that military homeowners who receive Permanent Change of Station (PCS) orders will be eligible to sell their homes in a short sale even if they are current on their mortgage. PCS orders often require quick moves and can create hardship for military homeowners who are underwater on their mortgages and therefore cannot sell their home without taking a loss. Previously, many service members felt their only option was either to maintain financial obligations on two residences or to default on their mortgage.
Click here to download the press release from June.
Hat tip: Boise’s Best Real Estate