A petition to Bolster the Housing Market by Reforming Regulations Concerning Short Sales

Bolster Homeownership and the Housing Market by Reforming Regulations Concerning Short Sales

• Have the FHFA change Fannie and Freddie’s guidelines regarding how long a consumer waits to be eligible for a new mortgage after a short sale to no waiting period if there were no late mortgage payments prior to the short sale and 1 year if there were.

• Have HUD amend FHA’s requirement to wait 3 years after a short sale where the consumer had late payments in the 12 months preceding the short sale. It should be amended to a 1 year.

• Have HUD clarify their guidelines regarding buying a short sale where the consumer didn’t have late mortgage payments prior to the short sale.

• Have the FHFA, pressure PMI companies to waive their right to deficiency judgment in the event of a short sale.

• Impose a 5 year moratorium on deficiency judgments on first mortgages.

CLICK HERE TO SIGN THE PETITION

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