According to the National Association of Realtors (NAR) the Federal Housing Finance Agency (FHFA) is currently working with mortgage giants, Fannie Mae and Freddie Mac to create new guidelines that will expand the eligibility criteria for the short sale process.

These new guidelines will include a more "streamlined" approach for homeowners that are in the most need. The new guidelines will also allow lenders to quickly and easily qualify homeowners for a short sale that are current on their mortgage payments, however are suffering from certain hardships, such as job relocation, unemployment and disability.

According to the NAR president, Moe Veissi, As the leading advocate for homeownership, Realtors know that when a family is absolutely unable to keep their home, a short sale is often the best option for homeowners hoping to avoid foreclosure. Realtors appreciate FHFAs efforts to increase the number of short sale approvals, which limit the losses incurred by homeowners, lenders, the federal government and taxpayers.

The implementation of the new guidelines should begin on November 1, 2012.