PCSing? Short sale info from HQMC

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From HQMC:

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.

About McKenzie Johnson

I am a Real Estate Broker with over 13 years experience in the industry. A fan of anything the color orange, long walks on the beach eating dried cuttlefish, four legged friends, new adventures in cooking or travel. A REALTOR and real estate consultant living and working in North Carolina with information to share. I would love to demystify the process for you. . .I think real estate is a tremendous investment for just about everyone. . .not just for the financial aspect, but also the idea of owning a piece of the American Dream, a chunk of earth, literally, with your name on it. I love what I do and who I get to meet through my job, the most rewarding part is handing a family their very first set of house keys! I hope you will find helpful information here, and it is just that, information, please don't take it as gospel, just my take on real estate and the world around me. For additional information and how to contact me, visit my website www.910Homes.net. I serve the Onslow County area which includes the military bases: Camp Lejeune, New River MCAS, Camp Johnson, Camp Gieger and more.

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