Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate








Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

 

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The Foreclosure Fairytale

The Foreclosure Fairytale
It’s amazing how many people are misinformed.

 

As the housing crisis in this country began to ramp up in 2007, real estate “experts” popped up everywhere. On cable news and in newspapers, these experts were sharing their opinions about the best solutions for people who were in danger of losing their home to foreclosure. Often, these expert opinions directly contradicted one another. Worse yet, many times these experts were just flat out wrong.

Among the most common, and the most misinformed, opinions was that a short sale had just the same effect on a homeowner as a foreclosure. This is not only completely untrue, but has led many people to have their homes needlessly foreclosed on, leaving them no options for their financial future.

This report was created for the sole purpose of dispelling the Foreclosure vs. Short Sale myth and to better inform distressed homeowners about the options that are available to them.


What is a short sale?
Put simply, a short sale is the process by which the bank allows a distressed homeowner to sell the property for less than the amount owed on the loan. In today’s market, when property values have dropped well below original loan values, short sales have become an increasingly popular option for both homeowners AND the banks. For more info, see “Why Would A Bank Accept A Short Sale?”


Why A Short Sale Is A Better Option Than Foreclosure

Credit Scores – When a homeowner has their home foreclosed on, it typically affects his or her credit score by between 250-300 points. This is a catastrophic impact to a credit score and it happens because the foreclosure is reported DIRECTLY on a credit report. In a short sale, there is NO standard code that is reported. Ultimately, the late payments can have as little as a 50 point impact on your score. In addition, a foreclosure affects a score for 3 years or more. In a short sale, the effect usually lasts 12-18 months, depending on delinquency. In fact, it is not uncommon for someone to be able to get a new home loan virtually immediately after a short sale if they have remained current on their payments or if their credit has not been affected by other debts.


• Credit History – Because a foreclosure is specifically reported on a person’s credit, by law it must remain on that person’s credit report for at least 7 years. In a short sale, because there is no specific reporting code, it is not reported on a person’s credit history.


• Ability to get Future Loans – Anyone who tries to get a home loan has to fill out a 1003 application. Question C in Section VIII of this form asks the question, “Have you had a property foreclosed upon or given title or deed-in-lieu thereof in the last 7 years?” Obviously, if a homeowner goes through foreclosure, having to answer yes to this question means that it is will be almost impossible to receive a loan for at least 7 years. In a short sale, there is no such requirement. In fact, with an FHA loan, a homeowner who goes through a short sale can receive a new home loan IMMEDIATELY assuming they were current on their payments and their credit wasn’t affected by other debts. Fannie Mae and Freddie Mac loans are also available for those who go through short sales in about 2 years or less, depending on circumstances.

• Current and Future Employment – Anyone who has looked for a job in the last 10 years knows that it is more and more common for companies to run credit checks on potential employees, but in some cases, employers are also keeping tabs on the credit of current employees as well. In both cases, employers just want to make sure that if their employees ever find themselves in a dire financial situation, it never puts their business in jeopardy. Because a foreclosure is reported on a credit report, this is an immediate red flag for current and future employers. In a short sale, the only thing reported is late payments or, in
some cases, “paid as agreed” or “paid as negotiated.”

• Security Clearance – If a homeowner is in the military or holds any other highly sensitive job that requires an official security clearance, a foreclosure is second only to a
felony conviction as the most challenging issue in keeping that status. In most cases, as soon as a foreclosure hits a person’s credit, he or she can be reassigned or let go from that position and obtaining a new security clearance is often impossible.


After viewing all the facts, the choice is crystal clear. There simply is no situation in which it is better to simply allow a home to be foreclosed on. As a Certified Distressed Property Expert (CDPE), I am uniquely qualified to walk you through the short sale process as well as to give you information about other foreclosure alternatives that may be available to you.

Call me or visit my website today to set up your free, confidential consultation. Together, we will work to make sure that you are able to achieve the best possible solution for your
situation.

 

What does “CDPE” Mean?
As a Certified Distressed Property Expert, I have devoted a significant amount of time to educating myself on all the options that are available to homeowners in danger of losing their home to foreclosure. I have received extensive training to receive this exclusive designation. This training has taught me how to recognize the best option for every homeowner’s unique situation as well as how to complete the processes involved in the most efficient way possible.

 

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Contact me today and let’s get started!
Jerry Lee Hatley
Re/Max Mountain Realty
P.O. Box 1351, Maggie Valley, NC 28751
cell: (828) 230-1082
email: jerryhatley@bellsouth.net

CDPE website: http://www.hosted.cdpe.com/167450/

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Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate

Short Sale Specialist: Jerry Lee Hatley
Foreclosure is NOT
your only option!

Short Sale Incentives:
Why Banks will Give You Money to Sell the Home You Can't Afford

The nation’s leading mortgage lenders are extending extras for short sale transactions employed as an alternative to foreclosure – both in the form of monetary incentives for borrowers and streamlined procedures for real estate agents. read more.......

Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
   
Jerry Lee Hatley | RE/MAX Mountain Realty | Maggie Valley NC Real Estate
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