FORECLOSURE VS. SHORT SALE: PROS AND CONS IN A SIMPLE CHART.......
There are major differences in executing a Short Sale of your property and walking away!
FORECLOSURE VS. SHORT SALE
HOMEOWNER CONSEQUENCES
FORECLOSURE CONSEQUENCES FOR THE FOLLOWING
SECURITY CLEARANCES= may be revoked and position may be terminated
CURRENT EMPLOYMENT= may result in reassignment or termination
FUTURE EMPLOYMENT= in most cases will challenge employment
DEFICIENCY JUDGMENT= 100% of the bank in states where they can may pursuer a deficiency
DEFICIENCY JUDGMENT (amount)= If sold at auction at a low price may result in a higher deficiency judgment
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE= 5 years to get a FM loan
FUTURE FANNIE MAE LOAN-NON PRIMARY= 7 years to get a FM loan
FUTURE LOAN WITH ANY MORTGAGE COMPANY= Buyer has to answer YES on question C Section VII of the standard 1003
CREDIT SCORE= lower credit score of 250 to 300 for 3 years
CREDIT HISTORY= 10 years on public record
SHORT SALE
SECURITY CLEARANCES= Will not challenge most security clearances
CURRENT EMPLOYMENT= Not a challenge to employment
FUTURE EMPLOYMENT= Not a challenge to employment
DEFICIENCY JUDGMENT= some successful short sales it it possible to convince the lender to give up right to pursuit
DEFICIENCY JUDGMENT (amount)= In most case the amount is lower
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE= 2 Years for FM
FUTURE FANNIE MAE LOAN-NON PRIMARY= 2 Years for FM
FUTURE LOAN WITH ANY MORTGAGE COMPANY= No question about Short Sales
CREDIT SCORE= 50 points and 12 to 18 months
CREDIT HISTORY= Not reported on a credit history
I hope this helps you talk to your customers about Foreclosure VS. Short Sale
We would love your comments!Kellie Morrissey, MA, CRS, GRI, CDPE
The City & Mountains Group
Real Estate Broker
Cell 303.877.2813
Fax 720.266.6479
Keller Williams Realty Success,
LLC 10026 W. San Juan Way Suite 200
Littleton, Colorado 80127
We would be honored if you visited our website to find 'just the right' home: www.CityandMtnsGroup.com
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