New short sale law started Nov 1 now allows borrowers who are upside down but current on their loans to qualify for a short sale. They must qualify for a “hardship”- not just “this freakin loan is killing me”. A hardship could be a job loss, divorce, illness, job transfer ,disasters etc.
Fannie mae and Freddie mac have come up with new rules.:
As reported by the LA Times, Fannie and Freddie have finalized their new “streamlined” short sale guidelines effective Nov.1st.
Here are the highlights of the finalized criteria: