Fannie Mae just announced a new, more streamlined process for short sale documents and procedures. These new guidelines will update the documentation process, waive deficiencies for borrowers that complete a short sale, and will set standard payments for mortgage holders. The bank hopes that these new guidelines will make it easier for more buyers to qualify for short sales and also help borrowers avoid foreclosure. Most importantly, Fannie Mae is reducing once-strict guidelines for approving those who qualify for short sales: borrowers who have certain “hardships” such as death of borrower or co-borrower, divorce, or illness are able to qualify for short sales without defaulting on a mortgage.