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Real Estate Agents and Homeowners should be aware of the consequences of Short Sales, Deeds in Lieu of Foreclosure and Foreclosures. Each of these impacts the Homeowner in a different way, immediately and later.
Credit Scores are impacted by all three actions, the worst being Foreclosure.
The ability to buy a home in the future is also impacted as described below.
Fannie Mae is making it easier for some homeowners to purchase a new home after only two years of losing a home in a Short sale or Deed in Lieu of Foreclosure (it was a four year wait period).
Beginning in July, 2010, if a Borrower puts down 20% (or 10% if extenuating circumstances), and have repaired their credit score, then they can be considered for a Fannie Mae backed loan.
The waiting period for a Foreclosure remains at five years.
Freddie Mac also requires a five year wait after a Foreclosure, and four years after a Short Sale or Deed in Lieu of Foreclosure. If a borrower can show that there were extenuating circumstances then the wait time may be reduced to three years after a Foreclosure, and two years after a Short Sale.
The FHA, Federal Housing Administration, has its own set of rules. They require borrowers to wait three years after a Foreclosure before qualifying for an FHA backed loan.
Along with these consequences the Homeowner needs to be aware of the "Defiency Judgment". This involves the loss to the bank. NOT ALL HOMEOWNERS WALK AWAY FROM A SHORT SALE, DEED IN LIEU OF FORECLOSURE OR FORECLOSURE debt free. Many are signing a promissory note to pay off the debt BUT some believe they are walking away from the debt, unaware that attempts will be made to collect the debt later. State laws are different. Please consult with a Lawyer, Tax Accountant and/or other professionals.
CONSEQUENCES OF SHORT SALES, DEEDS IN LIEU OF FORECLOSURE AND FORECLOSURES
I am Margaret C.Taylor and I am certified with the SFR, Short Sale and Foreclosure Resource Certification, and e-PRO® from the National Association of Realtors and CDRS, Certified Default Resolution Specialist Certification, from America's Home Rescue. I am qualified and ready to help you with your Short Sale transaction.
I am a Century 21 New Millennium Real Estate Agent, St Mary's County, MD 301 481 8407
Serving: Lexington Park, Great Mills, California, Hollywood, Leonardtown, Mechanicsville, Charlotte Hall, Piney Point, Valley Lee, Callaway, PAX River, also Calvert and Charles County.
This blog is for informational purposes only and is not intended as legal or tax advice. An Attorney, CPA or other specialist should be consulted for specific needs.
Disclaimer for Short Sales and loan modifications IMPORTANT NOTICE Your lender may not agree to change your loan and/or agree to a Short Sale. If you stop paying your mortgage you could lose your home and damage your credit. Seek legal and financial counsel.
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.