The Federal Housing Finance Agency has announced changes to short sale policies that will make it easier for military homeowners with Fannie Mae and Freddie Mac mortgages to honor financial commitments when they are issued a permanent-change-of-station order.
Under the new policy Fannie Mae and Freddie Mac will not pursue a deficiency judgment or any cash contribution or promissory note from military members with a change in duty station for any property purchased on or before June 30, 2012, when receiving permission for a short sale.
The service member does not have to be delinquent to apply for a short sale.
To determine if a home loan is held by Fannie Mae or Freddie Mac, go to http://www.fanniemae.com/loanlookup/ or https://ww3.freddiemac.com/corporate/ websites or call the hotlines for military homeowners at (877) MIL-4566 or (800) FREDDIE.
