10 Reasons to Avoid Foreclsoure, Your Charlotte Short Sale Agents

Reblogger Ray Wright
Real Estate Agent with Keller Williams Realty 01702953

Here's a great post from an out of the area agent.

Original content by Melissa Polce 183201

Ten Reasons to Avoid Foreclosure


Foreclosure Follows You - Homeowners will always have to disclose that they have had a foreclosure on any mortgage application and many job applications that they submit in the future.  This can have an adverse affect on their future mortgage rates.  This is a credit item that is asked about specifically in credit inquiries.  There is no seven year time limit on this item.


Credit Score Negative Impact - Credit scores will be lowered by 300 plus points (per loan).  Along with bankruptcy, a foreclosure is one of the most devastating credit issues you can have in relation to future credit availability.


Ineligibility For A Government Insured Loan - The homeowner will be ineligible for a government insured loan for 5 - 7 years (only 2 years in a short sale).  A foreclosure is the one credit report item that is almost impossible to have repaired.


Possibility of Deficiency Judgment - Your lender can seek a deficiency judgment against you and collect any amount they do not recuperate at bank sale.


Negative in Employment Credit Checks - Many employers run credit checks on prospective employees.  Foreclosure is one of the top items that will put a potential new hire in jeopardy.


Potentially Damaging in Current Employment - Many current employers run credit checks.  A foreclosure can put a current position in jeopardy.


Negative on Security Clearances - Security clearances and government positions including but not limited to military and law enforcement can be jeopardized by a foreclosure.  Revocation of security clearance can result in job reassignment or loss.


Lower Tax Liability than Foreclosure - The tax liability in a foreclosure may be much higher than in a properly negotiated short sale since canceled debt will be higher in a foreclosure.


You Have Alternatives - As your experts, we will explore every option with you and work toward the best resolution.


Do Everything You Can - There will come a time where your current financial troubles will pass.  You will feel much better knowing that you did everything you could to avoid this devastating financial consequence that so many people face today.


Please Contact Us For A Free Consultation To Discuss Your Situation and Learn How We Can Help.




MJPolce@KW.com        HeatherKline@KW.com               AndrewKline@KW.com






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Ron T. Weems Jr.
Weems Property Group | KW Northwest - Marysville, WA

Most people don't want to look at what is right in front of them. They feel, we are just out to get a dollar. I explain these exact things to them. It may be better to hear it from another realtor.

Mar 06, 2010 06:31 PM #1
Tom Ramsey
Century 21 Northland - Traverse City, MI

Very nice article, short sales can be a tough thing.  But I can never stress enough to my sellers how important it is to take action sooner rather than later.  Always be honest with your Agent.

Mar 06, 2010 06:51 PM #2
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Ray Wright

- Inland Empire Realtor
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