Want more proof that a short sale can be a much better alternative for many people than a foreclosure, deed-in-lieu of foreclosure or a bankruptcy?
Here's the link to the Fannie Mae press release that explains how long you're looking at being out of the home-buying game with a government backed (read ... best rates) loan following a default.
This backs up what we've been saying all along ... if they report you in the worst way after a short sale (and they don't always), you will be out of the home-buying game with a government-backed loan for 2 years. With the other options, you're looking at 4 or 5 years in most cases ... and there are often strings attached.
Think of how fast time flies. Two years can go by LIKE THAT. You could be back in the game for buying a home again at the BOTTOM of many real-estate markets, if you keep the rest of your credit life in order. On top of that, you sometimes can negotiate how the short sale is reported if you're willing to contribute to the sale.
And we haven't even gotten to the issue of getting sued for the deficiency on the loan, which the lender has a right to do in the state of Florida after a foreclosure. With a short sale, this can be minimized or eliminated entirely. People all over the Pensacola area are turning to short sales to make the best of a difficult situation.
Scott Gregory has dozens of closed and pending short sales in the Pensacola area, and more than 80 hours of specialized training on short sale negotiation, loan modifications and loss mitigation issues. He has spoken with hundreds of homeowners in an effort to help them avoid foreclosure, and he has shared his knowledge and experience with thousands of real-estate agents via conference calls. Gregory was the Top Producer for the 160-agent Keller Williams Realty Pensacola marketplace in 2007. He does business in all of Northwest Florida, including Navarre, Gulf Breeze, Pensacola, Mary Esther, Destin, Ft. Walton, Milton, Cantonment and Pace. He can assist any homeowners in Florida, and co-lists short sales with agents at his company and other companies. He is a certified short sales and REO specialist with Harris Real Estate University, and holds a degree in communications from University of Illinois Urbana-Champaign. He is willing to give anyone in need of foreclosure help a free 15-minute consulting call by calling 850-501-2574.
This is not intended to be legal or tax advice. If you need legal or tax advice, please seek the assistance of a professional in those areas.
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