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.


 
 

 
Air Force photograph by Chris Higgins

412th Test Wing 1st Quarter Award Winners

Air Force photograph by Chris Higgins Brig. Gen. Carl E. Schaefer, 412th Test Wing commander, watches Jeanette White, 412th Civil Engineering Group, absolutely smash a foam baseball into the audience after accepting her 30-year...
 
 

News Briefs May 22, 2015

North Gate safety alert SAFETY ALERT! Due to mechanical issues with the North Gate, there have been large metal plates installed over gaps in the roadway while repair operations are being scheduled. Drivers should exercise caution and reduce speeds in these areas. In inclement weather and blowing dust, the plates may become slippery and vehicles,...
 
 
MG-appointments

Don’t be a no show

The 412th Medical Group is dedicated to meeting the health care needs of you and your family by providing access to its services and the best possible medical care. No shows are a costly problem for the 412th MDG and the patie...
 

 
Air Force photograph by Brad White

Team Edwards hosts Military Retiree Appreciation Day

Air Force photograph by Brad White Approximately 400 military retirees, their families and surviving spouses were in attendance during the 2015 Military Retiree Appreciation Day event held at the Oasis Community Center and 27 i...
 
 

Education Center Open House May 27

The Edwards AFB Education Center will be hosting an Open House†that will be open to all military and their family members, and civilians working on Edwards 11 a.m.-1 p.m., May 27. The Education and Training†Center is located on 140 Methusa Ave., Bldg. 2453. Attendees will have the opportunity to speak with the Ed Center staff...
 
 

Excellence in Aviation Award banquet set for June 13

The Flight Test Historical Foundation will hold the 5th annual Excellence in Aviation Awards banquet June 13. This year’s honorees are the California Air National Guard’s 163rd Reconnaissance Wing from March Air Reserve Base. The wing operates the remotely piloted MQ-1 Predator aircraft built by General Atomics Aeronautical Systems. For the first time in the...
 




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>