The Federal Housing Finance Agency (FHFA) announced that Fannie Mae & Freddie Mac will be issuing new guidelines to their mortgage servicers to standardize short sale practices. The new guidelines will permit a homeowner with a Fannie Mae or Freddie Mac mortgage to sell their home in a short sale even if they are current on their mortgage if they have an eligible hardship. The new guidelines will become effective on November 1, 2012. To read more about the new guidelines, click here.
