The Federal Housing Financing Agency announced today that Fannie Mae and Freddie Mac are issuing new guidelines that will revise and streamline the process for selling a home in a short sale for loans held by Fannie or Freddie. The new guidelines become effective November 1. Important revisions include changes to eligibility to sell a home in a short sale (even prior to a payment default) and the amount of money to which second lien holders are entitled. The new guidelines could help homeowners avoid a foreclosure and lengthy delays in the approval process. For more information about these new guidelines, check out Housing Agency Changes Rule to Boost Short Sales and FHFA Releases New Short Sale Guidance for GSEs.