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A home owner in a distressed loan on their mortgage faces many concerns, not only to their immediate situation, but also to the down the road consequences of their decision. For some owners that are so deeply under water foreclosure may be the only option. However, this is a decision that they must thoroughly analyze and consider with the assistance and guidance from either a qualified lawyer or a Realtor familiar with the short sale process, or both. There are numerous issues that impact their decision, and if they choose the wrong mechanism for relief it will take years to recover, if at all.
Here is a compilation of the more common issues and their impact on a consumer.
Future Primary Residence purchase if the consumer elects a foreclosure:
Homeowner will be ineligible for a Fannie Mae mortgage for 5 years
For an investor, the Fannie Mae period is 7 years
Future rates will be impacted because of the foreclosure
Credit scores may be lowered from 250-300 points for a period of at least 3 years
Foreclosure will appear on their credit scores and as a public record for 10 years or more
Any security clearance will be affected as this is considered a misdemeanor or felony conviction. If the borrower is in the military, or in any position that requires a security clearance, their position can be terminated
With some employers a foreclosure can be considered a reason for immediate termination
Future employers that require credit checks may challenge the prospective employee
Banks can pursue a deficiency judgment for the outstanding loan value with interest and collection costs
Future Primary Residence purchase if the consumer elects a short sale:
Homeowner will be eligible for a Fannie Mae mortgage after 2 years
For an investor, the Fannie Mae period is 2 years
There should be no future complications with credit rates
Only late payments may show if the final settlement is not correctly terminated, which could result in as little as a 50 point drop for 12 to 18 months
A short sale is not reported on credit history
A short sale on it's own does not affect a security clearance
A short sale is not reported on a credit report and is no challenge to current or future employment
In some successful short sales, it possible that the lender will surrender the right to any future deficiency judgments against the homeowner.
It becomes very important that once the home owner recognizes their problem and has investigated all other possible avenues to resolve their financial problems that they meet with a qualified real estate agent as soon as possible and set up the plan to get the house sold and get the banks assistance and cooperation to get the loan closed with the least complications to the homeowner now and down the road.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.