Homeowners could soon have an easier time selling their homes for less than what they owe on their mortgages, under new guidelines from a federal housing regulator and mortgage-finance giants Fannie Mae and Freddie Mac, the Wall Street Journal reported today. The Federal Housing Finance Agency yesterday announced measures to make "short sales" of underwater homes easier for homeowners, including extending help to people who have financial difficulties but have not missed mortgage payments. One part of the plan is for Fannie and Freddie to place a $6,000 cap on the amount of money holders of second mortgages can receive when the sale is completed, as a way to prevent the mortgage holders from haggling over their slice of the home-sale proceeds. Those second-lien holders would still be able to reject the sales if they saw fit. The changes only affect underwater mortgages guaranteed by Fannie and Freddie, which back the bulk of U.S. home loans.
