U.S.

July 27, 2012

FHFA announces short sale assistance for military

by Federal Housing Finance Agency

Federal Housing Finance Agency Acting Director Edward J. DeMarco announced June 21 changes to short sale policies that will make it easier for military homeowners with Fannie Mae and Freddie Mac loans to honor their financial commitments when they are required to move as part of their duty.

At a news conference with Consumer Financial Protection Bureau Director Richard Cordray, CFPB Assistant Director of Servicemember Affairs Holly Petraeus, and Deputy Assistant Secretary of Defense for Military Community and Family Policy Robert L. Gordon III, DeMarco announced that military homeowners who receive Permanent Change of Station 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.

“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 DeMarco. “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.”

DeMarco commended the CFPB and the prudential regulators – the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, National Credit Union Administration, and the Office of the Comptroller of the Currency – for issuing a new interagency guidance that reinforces for mortgage servicers the importance of treating military homeowners with PCS fairly.

Under the new policy Fannie Mae and Freddie Mac will not pursue a deficiency judgment or any cash contribution or promissory note from members of the military with a change in duty station for any property purchased on or before June 30, 2012. Service members must have a Fannie Mae or Freddie Mac loan to be eligible.

Last year Fannie Mae and Freddie Mac issued guidance to mortgage servicers confirming PCS orders as a qualifying hardship for forbearance and loan modifications. Service members can check Fannie Mae or Freddie Mac websites to see if their loans are held by them or they can call hotlines for military homeowners at 1-877-MIL-4566 or 1-800-FREDDIE.




All of this week's top headlines to your email every Friday.


 
 

 

News Briefs July 25, 2014

Focus group Here’s your chance to be heard. The Edwards Commissary is looking for volunteers to participate in a group discussion about your Commissary. They will be conducting focus groups July 29 from noon to 2 p.m. and again from 2:30 p.m. to 4 p.m. If you would like to participate, send an e-mail to...
 
 
aafes-school

Exchange moves to the head of the class with extra back-to-school savings

With the first bell about to ring on a new school year, the Army & Air Force Exchange Service is giving lessons in savings. The Exchange is helping military shoppers make the grade with competitive prices and tax savings on...
 
 
Air Force photograph by Kenji Thuloweit

Major wins major bucks on ‘Price Is Right’

Air Force photograph by Kenji Thuloweit Maj. Kevin Van Stone, Air Force Operational Test and Evaluation Center Detachment 5, and his wife, Melinda (right), speak to a representative from CBS after being handed a giant check for...
 

 
NASA photograph by Tom Tschida

NASA Armstrong Support Center receives LEED platinum certification

NASA photograph by Tom Tschida Large expanses of windows and curved rooflines highlight NASA Armstrong’s new Facilities Support Center. The 38,000-square-foot structure has been certified that it met the Leadership in Ene...
 
 

Exchange shoppers can keep on ticking with Hello Kitty sweepstakes

Military shoppers can keep time with Hello Kitty thanks to the latest sweepstakes from the Army & Air Force Exchange Service. Twenty-five winners will take home a Hello Kitty watch, valued at $85. From July 25 to Aug. 22, Exchange shoppers can enter to win by emailing patriotfamily@aafes.com and putting “Hello Kitty Sweepstakes” in the...
 
 

Leadership Lessons: Who would you follow?

GRAND FORKS AIR FORCE BASE, N.D.†-†Over the last year I have enjoyed reading articles from our wing leadership on their perspectives and experiences which have made them better leaders. I have great admiration for their words of wisdom and have benefited from their shared experiences. When I was asked to write a leadership piece I...
 




0 Comments


Be the first to comment!


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>