Mortgage Relief For Active Military Members

The Federal Housing Finance Agency (FHFA) has announced that active military members forced to relocate because of a Permanent Change of Station (PCS) order will now have an opportunity to short sell their home if their mortgage is with Fannie Mae or Freddie Mac. If you are looking for a local mortgage lenders would know, we are the company to turn to. We have been serving Kansas City since 1996 with honesty, integrity, and expertise. Making us one of the best companies to choose from. We are locally owned and operated and offer the lowest rate.

Who will qualify?

  • Military members who must relocate due to a PCS order.
  • Military members who are current or delinquent on their mortgage will qualify.
  • Military members who have a mortgage with Fannie Mae or Freddie Mac.
  • Military members who purchased their property on or before June 30, 2012.

What do you need to do?

  • Check to see if your mortgage is with Fannie Mae or Freddie Mac.
  • Notify your mortgage servicer of the PCS order immediately.
  • Get lender approval for the short sale amount.

The FHFA has made it part of their policy to not financially pursue military members who are unable to pay their mortgage because of a PCS order. But this leniency will only apply to military members with PCS orders who at least attempt to short sell their property. It is not clear at this time how the FHFA will handle delinquencies and defaults that result in a failed attempt to short sell. The actual recent fiscal meltdown has slowed down the monetary planet and not in the adverse way- people needed to wake up and realize that they were making poor economic choices. Nonetheless, the federal government just isn’t looking to discipline these kinds of debtors- instead they would like to affect the circumstance as quickly as possible and maybe they are trying their finest to take action. Mortgage loan modification is an option by using which borrowers will pay off the actual loan amount however with a lower interest. The due dates tend to be prolonged also meaning the added stress may be wiped away.Once you get in touch with a lender, you can be told how the first possibility you’re able to fill out the application form will probably be your last. As a result, you want your info at the tip of your own fingers in order to avoid unnecessary delays and errors. Because the loan company may also ask you for all your documents, you need to bear in mind to not be ashamed and answer the questions that arrive. Honesty and responsibility go hand in hand in such a circumstance.

Call 1-877-MIL-4566 or 1-800-FREDDIE to find out if your loan is held by Fannie Mae or Freddie Mac.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *