New Guidelines for Short Sales

As of November 1st, 2012, new guideline for short sale without additional approval from Fannie Mae/Freddie Mac will include death of a borrower, divorce, disability or relocation for a job. According to FHFA Acting Director Edward J De Marco, “these new guidelines demonstrate FHFA’s and Fannie Mae’s and Freddie Mac’s commitment to enhancing and streamlining processes to avoid foreclosure and stabilize communities.”