2012-08-21 — mortgagenewsdaily.com
``Servicers will also be able to process short sales for borrowers who are current on their mortgages but are facing sudden hardships such as death, divorce, disability, or relocation of more than 50 miles for reasons of employment. Servicers will be allowed to approve short sales in such circumstances without additional approval from Freddie Mac or Fannie Mae.
The two GSEs will waive the right to pursue a deficiency judgment in exchange for the borrower making a financial contribution to the remaining principal balance or signing a promissory note to that effect if that borrower has the capacity to do so. ''
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