The Federal Housing Finance Agency (FHFA)  has issued a directive to Fannie Mae and Freddie Mac to align existing short sale programs into one standard short sale program and issue clear guidelines to mortgage services.  The new guidelines, which become effective November 1, 2012, will permit homeowners with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their mortgage provided they have an eligible hardship.  The streamlined program rules will enable lenders and services to quickly and easily qualify eligible borrowers for a short sale.  Click here to read the entire announcement.

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