Short Sales, Foreclosures, Deed in Lieu of Foreclosure, is there a difference when talking about credit? According to my credit expert from First American Credco, the answer is no. Please take a minute to look over my post about the effects each will have on your credit and ability to purchase a home in the future. Current home owners that are contemplating a short sale should get some legal advice first.

I hope you will find information that is valuable when deciding the way to go in a bad situation. It is my opinion that Realtors can help their prospective clients by knowing these answers too. Feel free to contact me at 541-342-7576/541-221-3455 Cell with any questions, or e-mail me at eugeneloanguy@gmail.com. I can also recommend my outside blog posts anytime your need specific information about FHA Loans or USDA and VA loans.

 
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3 Comments on Are Short Sales a salvation or a curse for the Seller?

MAY
31
1 Featured Post Outside Blog

Fred:

What is the best piece of info you have seen on the experience sellers here in Oregon have been having with credit impacts, notes for deficiency, 1099's for forgiven debt, etc.

 
5:19am • #1
129,484 Points 5 Featured Posts Outside Blog

Jim - I think it is really a bit too early to see what is going to be the final shake out on this. It will be interesting to see what credit reports look like two years from now and what happens to tax returns next year.
5:19pm • #2
OCT
20
8 Featured Posts Localism Sponsor Hit Router

Hi Fred.  I followed the links through to a couple of the related posts from this blog.  I know they were posted a while ago, but it is my understanding that in Oregon if you do not live in the home when foreclosure starts, deficiency rights still exist.
2:46pm • #3

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Fred Chamberlin - Eugene/Springfield's #1 Experienced FHA Mortgage Consultant

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