Short Sale Assistance for Military homeowners in Tucson and Sierra Vista with a Fannie or Freddie loan.


 

By Joseph Small

short sale signWhen our military service members in Tucson or Sierra Vista receive a Permanent Change of Station or PCS orders, they and their families face many important decisions. If the service member owns a home, then it can create an extra dilemma and burden.

PCS orders often require quick moves and can create hardship for military homeowners who are underwater on their mortgages (where you owe more than your home is worth) and therefore cannot sell their home without taking a loss. In the past few years, many service members felt their only option was either to maintain financial obligations on two properties or just plain default on their mortgage.

At a recent news conference by the Federal Housing Finance Agency (FHFA), Acting Director Edward J. DeMarco announced new changes to the short sale policies for those military service members that our homeowners with a Freddie or Fannie loan. This is great news for military service members in cities like: Tucson, Sierra Vista, and Sahuarita, Arizona.

“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.”

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.

Read more here: FHFA Announces Short Sale Assistance for Military Homeowners with Fannie Mae or Freddie Mac Loans

Joseph Small and his team at Guild Mortgage Company is your trusted source for all your VA home loan needs in Tucson, Sierra Vista, Sahuarita, Green Valley and Nogales, Arizona. Give Joe and the team a call to get started. (520) 303-5620


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