Friday, June 29, 2012

Automatic Mortgage Relief for VA borrowers!

The Federal Housing Finance Agency announced that members of the military who face transfer and are underwater on their mortgage-meaning they owe more than the market value of their home-will automatically be approved for short sales.

In addition, the loan guaranteed by Fannie Mae or Freddie Mac (a requirement for the short sale relief) will not pursue any balance on the loan that's left over after the short sale.

"It is in everyone's interest for the men and women serving in our armed forces to focus on the important job they are doing defending our country, rather than worry about the maintenance and leasing of a property in another jurisdiction," said Edward J DeMarco, acting director for the FHFA.