a) The Federal Housing Finance Agency (FHFA) recently announced that military homeowners with Fannie Mae or Freddie Mac loans who receive Permanent Change of Station (PCS) orders will be eligible to sell their homes in a short sale, even if they are current on their mortgage. Previously, many military families’ only options were to maintain financial obligations on two residences, or to default on their mortgage. Under the new policy, Fannie Mae and Freddie Mac will not pursue a deficiency judgment from service members with PCS orders for any property purchased on or before June 30, 2012. 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. Military families were faced with tough situations such as living in separate homes or the risk of losing the service member’s security clearance.
Service members can check the Fannie Mae www.fanniemae.com/loanlookup and the Freddie Macwww.freddiemac.com/avoidforeclosure/military_assistance.html
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.