There is help for distressed homeowners in Lithonia, GA. There are other options available. Consider the difference between a Foreclosure and a Short-Sale.
A foreclosure is more damaging to you than a short-sale. Did you know that if you lose your house to foreclosure you would be ineligible for a Fannie Mae backed loan for up to 7 years? There are some exceptions to this based on extenuating circumstances. For more detail on this refer to: efanniemae.com. However, if you successfully complete a short sale, you would be eligible for a Fannie Mae backed mortgage within 2 years.
If had an FHA loan at the time of the short-sale you would be eligible for another FHA loan after 3 years.
Your credit score is affected more dramatically in a foreclosure than if you do a short-sale. In a foreclosure your score can drop anywhere from 250 to over 300 points and your score will be affected over 3 years. The short-sale effect on your score should not be as dramatic. Only late payments on mortgage will show, and after the short- sale, mortgage is normally reported as “paid as negotiated,” “paid as agreed,” or “settled.” This can lower the score as little as 50 points if all other payments are being made. A short sale’s effect on your credit profile can be as brief as 12 to 18 months whereas a foreclosure will remain on your credit profile for as long as 7 years.
A foreclosure on your record could affect your employment. If your job requires security clearance (i.e. security officer, policeman, CIA ) and a foreclosure is on your record it could be grounds for immediate termination or reassignment. Employers have the right and are regularly checking the credit of all employees that are in sensitive positions. A short-sale is not shown on your credit report and is not a threat to your employment. The same applies for your consideration for future employment.
With all foreclosures, except in states where there is no deficiency judgment, the bank has the right to pursue a deficiency judgment which means that you may still owe the bank money after the foreclosure. The amount will depend on what the house sells for in the REO market. In a short-sale, however, it is possible to get the deficiency judgment is waived as long as the house sells at market value. Contact your local accountant for more details on this.
A Short-Sale is a viable option for distressed property owners in Lithonia, GA. Give me a call today.
Are you behind on your mortgage payments? Are you thinking of making a fresh start? Whatever you do, don't walk away from your property and just let the bank have the house. Consider a short-sale as this would be less damaging to your credit and you would be able to buy again in a few short years. Some banks are even offering incentives to homeowners if they will do a short-sale as opposed to a foreclosure. Go to my website to see what options you have and give me a call. www.HelpAvoidForeclosureStore.com. You can also email me at: TerriSellsRealEstate@yahoo.com and call me at: 770-309-3221.
I look forward to assisting you in the short-sale process.
Solid Source Realty of GA
8052 Mall Parkway, Suite 101
Lithonia, GA 30038
770-475-1130 x 8907 Office
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