Fannie Mae and Freddie Mac will implement new short sale guidelines effective November 1st in an attempt to make short sales easier for qualified borrowers.
Changes in the new guidelines include standardization of processing and relief for borrowers who experience relocating more than 50 miles for a job, death of a borrower or co-borrower, divorce or legal separation, illness or disability, and other circumstances.
Loan servicers will also have the authority to approve short sales meeting guideline requirements without obtaining prior approval from Fannie or Freddie.
This is a HUGE step in the right direction that should help many borrowers navigate the short sale process!
Source: DSNews.com article
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