The Federal Housing Finance Agency (FHFA) announced that military homeowners with Fannie Mae or Freddie Mac loans who receive Permanent Change of Station (PCS) orders will be eligible to sell their homes in a short sale, even if they are current on their mortgage. Previously, many military families felt their only options were to maintain financial obligations on two residences, or to default on their mortgage. Under the new policy, Fannie Mae and Freddie Mac will not pursue a deficiency judgment or any cash contribution or promissory note from service members with PCS orders for any property purchased on or before June 30, 2012.

Read the article on the National Military Family Association web site for more information: http://www.militaryfamily.org/feature-articles/new-assistance-for-military.html