FHFA Announces New Standard Short Sale Guidelines for Fannie Mae and Freddie Mac

by Jan Steward on August 27, 2012

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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Jan Steward

Jan Steward brings a wealth of experience to the Arizona Association of REALTORS® as the manager, risk management. She is a former title company manager and escrow officer with paralegal training. As a REALTOR® and broker, Jan served the Northern Arizona Association of REALTORS® (NAAR) as board president, vice-president, director, MLS chair, delegate to NAR’s national convention and a member of the Professional Standards and Grievance Committees. Jan was honored as REALTOR® of the Year by NAAR. She also has served on AAR's Professional Standards Committee and a variety of ad hoc committees.

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