Effective November 1, 2012 new short sale guidelines will go into effect for Fannie Mae and Freddie Mac backed mortgages.

Among the new guidelines, home owners will be able to sell their home in a short sale even if they are current on their mortgage, assuming they can prove a hardship. Eligible hardships often include death of a borrower or co-borrower, divorce, disability, or job relocation (such as a job transfer or new employment 50 miles away from their current home). (more…)