One big question for any distressesd home owner is: Should I short sale or foreclose?
Well, let's take a simple look at this:
Regularly this is what happens:
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Issue
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Foreclosure
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Successful Short Sale
|
|
Future Fannie Mac Loan
Non Primary
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Not eligible to get a loan for about 7 years
|
Can get a loan after 2 years
|
|
Future Fannie Mac Loan
Primary Residence
|
Not eligible to get a loan for about 5 years
|
Can get a loan after 2 years
|
|
Future mortgage with any Mortgage Company
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Will be questioned if had a foreclosure for the past 7 years
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Questions and questions are not the same
|
|
Security Clearance
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Depending on where the borrower works, the clearance will be revoked and the borrower can lose their job
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This does not challenge most security clearances
|
|
Credit Score
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Score will be lowered about 250 to 300 points
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Score will be lowered about 50 points and mostly for the late payments. And for about 12 to 18
|
|
Credit History
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Stays on record for about 10 years
|
Short sale is not reported. Shows paid in full on credit history
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Contact me if you have any questions or if you are considering short saling your home in Marietta, Roswell, Alpharetta, Sandy Springs, Dunwoody or in the Atlanta area.
Kami Pyvand
Cell: 678-665-1211
www.KamiPyvand.com
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