Back to Results
Starting November 1, Fannie Mae and Freddie Mac are playing by new rules: a new set of guidelines to stimulate short sales by streamlining the process, opening doors to let homeowners out of underwater mortgages.
Short sales have become a popular tool of foreclosure prevention, with Fannie Mae completing over 70,000 short sales last year, and nearly 40,000 in the first half of 2012. For a homeowner experiencing negative equity—the current value of the home is less than the mortgage balance due—a short sale is often the best choice to retain as much credit as possible.
The basics of the new Fannie and Freddie short sale guidelines are as follows:
Note, these new short sale guidelines apply to Fannie Mae and Freddie Mac loans. To find out if your loan is owned by Fannie Mae or Freddie Mac, visit either www.fanniemae.com/loanlookup or www.freddiemac.com/corporate.
Please enter a valid email address.
Stating a discriminatory preference in an advertisement for housing is illegal. If you think this content is discriminatory or otherwise inappropriate and feel it should be removed from Zillow, please let us know by completing the information above.
We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.
Please enter text in the "Enter the text to display" field.
Please enter text in the "Enter URL" field.
Please enter a valid URL.
Please insert a video embed only
Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.
For Sale: $124,000
For Sale: $84,900
For Sale: $14,900