According to Denver short sale experts, the Federal Housing Financing Agency has recently announced some changes in short sales that involve active duty military personnel. The Federal Housing Financing Agency has decided that if you are active duty in the military and receive orders for a permanent change of station (PCS), meaning that you are required by the government to move to a new location, this qualifies as a hardship and makes you eligible to short sale your home. Even if you are current on your mortgage, you are still eligible.
The Federal Housing Financing Agency has quite a bit of control over Freddie Mac and Fannie Mae, who in the past may not have been the most cooperative in approving short sales for active duty military personnel. Obviously, this is now going to be different. Not only do Freddie Mac and Fannie Mae have to approve the short sale, they also have to waive all deficiency rights and relieve you of all debt associated with the mortgage.
If have an upcoming PCS and aren’t sure what to do about our home, see the help and guidance of a Denver short sale expert today. They can help you determine if Fannie Mae or Freddie Mac is your investor and if you qualify for this program. Again, even if you’re not underwater on your home or behind on your mortgage payments, if you are active duty military and have orders to PCS, this does entitle you to short sale your home.
If you have any further questions about this or want to know whether or not this applies to all investors, or just Fannie Mae and Freddie Mac, please contact a Denver short sale expert today. They will be able to answer all of your questions and should you decide to take advantage of this, help you get started on successfully short selling your home.