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 August 28, 2014

Blood drive The next American Red Cross Blood Drive at Edwards AFB is 10 a.m.-4 p.m., Sept. 3 in the Chapel 1 Annex. Both walk-ins and appointments are accepted. To make an appointment you may contact the blood drive coordinators:†Senior Airman Joe Hernandez at joe.hernandez.8@us.af.mil or Senior Airman Sarah Bird at sarah.bird.2@us.af.mil. You may also...
 
 

Notice of intention to appoint school board trustee

Due to a lack of sufficient candidates for the upcoming school board election for Trustee Area #2, Office B, the Board of Trustees of the Muroc Joint Unified School District intends to appoint a qualified individual to the Board of Trustees, pursuant to Education Code section 5326. Applicants must be 18 years of age or...
 
 

New paradigm aims to ‘zeroize’ sexual assault

Why does the U.S. Air Force need a Sexual Assault Awareness Month? Is it really a problem? Isn’t sexual assault more prevalent outside the military? Where do these statistics come from anyway? Is it realistic to aim for zero assaults? Thankfully, these outrageous questions represent the vestiges of a retreating mindset. A new paradigm aims...
 

 
nasa-obit

Former NASA Astronaut Steven Nagel, veteran of four shuttle flights, dies at 67

Former NASA astronaut Steven R. Nagel, who served as a mission specialist on his first space shuttle flight, pilot on his second and commanded his final two, died Aug. 21 after a long illness. He was 67 years old. After his las...
 
 
Air Force graphic by Rebecca Amber

Being prepared in earthquake country

Air Force graphic by Rebecca Amber For National Preparedness Month, this September, the Edwards AFB Office of Emergency Management is focusing on Califorina’s most prominent natural disaster – earthquakes. Throughou...
 
 
af-band

Air Force Band of the Golden West

  Travis Brass, the multi-talented brass group of the U.S. Air Force Band of the Golden West will be performing in the area Sept. 5-7. Sept. 5, the group will be at the Santa Clarita Performing Arts Center, 26455 Rockwell ...
 




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>