Military: Permanent Change of Station Short Sale Policy Change!!

by Jenner on July 2, 2012

Great news for all you military homeowners!  The Federal Housing Finance Agency (FHFA) has made changes to their short sale policies for owners facing a permanent change of station.

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.  Owners DO NOT need to be behind on their payments to short sale for PCS!

Essentially, this new policy prepares the way for you to be released from all your mortgages financial obligations.  Your liability for the difference in what you could sell your house and what you owe the lender is forgiven and forgotten.  No more trying to maintain two houses, no more haggling with the lender, no need to prepare to bring cash to close.  The short sale of the house is truly your end of the road.

To find an experienced short sale professional able to answer your question and help you determine if a short sale is the best option for you, click here.

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