Real Estate Agent with Coldwell Banker Kivett-Teeters Associates BRE#01236207


Foreclosure - What Gets Affected?


CREDIT SCORE - Credit score may be lowered anywhere from 250 to over 300 points and will typically affect the credit score for minimum of 3 years. 


CREDIT HISTORY - A foreclosure will remain as a public record on a person's credit report for 10 years or more.  


FUTURE MORTGAGE LOANS - A homeowner who has a foreclosure is ineligible to purchase for 5 years.  7 years for investment property. 


DEFICIENCY JUDGMENTS - Banks can pursue a deficiency balance on 100% of foreclosures - unless it was a purchase money loan 


Short Sale - What Get Affected?


CREDIT SCORE - Only the late payments will show up after the sale of the mortgage.  Bureaus will report PAID or NEGOTIATED.  The credit score will not go down as much and can be as brief as 12 to 18 months. 


CREDIT HISTORY - Short Sale is not reported on a person's credit history!  There's no specific term for short sale and it will be reported as PAID IN FULL OR SETTLED. 


FUTURE MORTGAGE LOANS - A homeowner or investor who does a short sale will be eligible to purchase another home in as little as 2 years. 


DEFICIENCY JUDGMENTS - In a successful short sale, it's possible to get the bank to release the homeowner of any deficiency balance and to waive any rights to pursue a judgment in the future.  Some homeowners will qualify for a new program called HAFA and in that case the bank must release the homeowner of any deficiency balance and legally can't pursue you in the future.  Plus they will give you money for moving expenses to relocate you and your family to a new home.


SELLING EXPENSES - When you list your home with a Realtor, the agent you hire will take on all the marketing expenses and the bank will cover ALL the fee's incurred to sell.  That includes Realtor commissions, Title Fee's, Escrow Fee's and many more normal seller expenses.  It cost you ZERO dollars to sell the house and it's so much better for your financial future.  


Facing foreclosure is a scary time and can be very stressful on you and your family.  You need to know that you have options!!  The choices you make today can affect your financial circumstances for many years to come.  LET ME HELP GUIDE YOU THROUGH YOUR CHOICES.  Each homeowners circumstances are different and each outcome is different, but one this is for have options and you need to know what they are!! I will come to your home and walk you through your options at NO COST to you.  


Call me today and I will be there to help you and your family!  IT'S AT NO COST TO YOU AND CAN SAVE YOU FROM TOTAL FINANCIAL COLLAPSE. 


I can be reached at (951) 315-6255 or email at 




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Elite Home Sales Team
Elite Home Sales Team OC - Corona del Mar, CA
A Tenacious and Skilled Real Estate Team

It is true that both effect your life and your credit score. 

Aug 03, 2010 06:40 PM #1
Michelle Theisen
Coldwell Banker Kivett-Teeters Associates - Yucaipa, CA

I know, I wish more homeowners understood doing nothing is only hurting their financial security.  


Thanks for reading my post!


I hope your real estate career is booming! 


Best Wishes, 


Michelle Theisen

Prudential California Realty


Aug 03, 2010 06:56 PM #2
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Michelle Theisen

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