Fannie Mae and Freddie Mac are stepping up and helping out Military Families that receive a Permanent Change of Station (PCS). When Military personal receive a PCS they are required to move and thus may get caught having to short sell or come to closing with cash to move out of their current home. Fortunately for these families, Freddie and Fannie have agreed to allow short sales on the homes where they own the notes.
Under this policy if a Military family purchased any property before June 30, 2012 and receive a PCS order, then neither Freddie or Fannie will pursue a deficiency judgment, or any cash contribution or promissory notes. No need to add to the stress level of a Military family, and this is the right steps for Fannie and Freddie.
For more details on this story – you can click here: Short Sale Assistance for Military Families.
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