Are PCS Orders A Hardship For A Short Sale?

It’s a question asked frequently by military families stationed at Ft. Belvoir, Quantico MCB, the Pentagon and other installations part of the Military District of Washington. Last fall the Fannie Mae issued guidelines to include Permanent Change of Station (PSC) orders as a hardship. A hot line was (877-MIL-4566) created for service members to be able to discuss foreclosure prevention options available.

In addition Fannie Mae also announced a six month military forbearance program where the death or injury of a service member on active duty causes a hardship for military families with a mortgage obligation. Don’t know whether you have a Fannie Mae backed loan? Check to see if you have a Fannie Mae Loan.

In the last year I worked with Chase and USAA on a short sale and VA Compromise Sale for military families who qualified under the Fannie Mae guidelines. Just as with any short sale a military service member does have to provide documentation of a financial hardship due to a move. If you are service member faced with a short sale decision check with your lender to see what options they have to offer. If I can be of any assistance give me a call.

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