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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Foreclosure Vs. Short Sale

Foreclosure Vs. Short Sale
Homeowner Consequences

 

When it comes to your future as a homeowner, it's important to understand the ralities and consequences of short sales and foreclosures. The following table compares the effects each option can have on your financial future. Use this information to better understand your options and make an informed decision about how to proceed.

Future Fannie Mae Loan - Primary Residence
Foreclosure Successful Short Sale

A homeowner who loses a home to foreclosure is ineligable for a Fannie Mae-backed mortgage for a period of 5 years

A homeowner who successfully negotiates and closes a short sale will be eligable for a Fannie Mae-backed mortgage after only 2 years.


Future Fannie Mae Loan - Non-Primary
Foreclosure Successful Short Sale

An investor who allows a property to go to foreclosure is ineligable for a Fannie Mae-backed investment mortgage for a period of 7 years.

An investor who successfully negotiates and closes a short sale will be eligable for a Fannie Mae-backed investment mortgage after only 2 years.


Future Loan with any Mortgage Company
Foreclosure Successful Short Sale

On any future application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 form that asks "Have you had property foreclosed upon or given title or deed-in-lieu thereof in the last 7 years? This will affect future rates.

There is no similar declaration or question regarding a short sale.


Credit Score
Foreclosure Successful Short Sale

Score may be lowered anywhere from 250 to more than 300 points. Typically will affect a credit score for over 3 years.

Only late payments on mortgage will show, and after sale, mortgage is normally reported as "paid as agreed", "paid as negotiated" or "settled". This can lower the score as little as 50 points is all other payments are being made. A short sale's effect can be as brief as 12 to 18 months.


Credit History
Foreclosure Successful Short Sale

Foreclosure will remain as a public record permanently, and on a person's credit history for 10 years or more.

A short sale is not reported on a credit history. There is no specific reporting item for "short sale". The loan is typically reported "paid in full, settled".


Current Employment
Foreclosure Successful Short Sale

Employmers have the right and are actively checking the credit of all employees who are in scnsitive positions. In many cases, a foreclosure is reason for immediate reassignment or termination.

A short sale is not reported on a credit report and is therefore not a challenge to employment.


Future Employment
Foreclosure Successful Short Sale

Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment.

A short sale is not reported on a credit report and is therefore not a challenge to future employment.


Deficiency Judgement
Foreclosure Successful Short Sale

In 100% of foreclosures (except in those states where there is no deficiency), the bank has the right to pursue a deficiency judgement.

In some successful short sales, it is possible to convince the lender to give up the right to pursue a deficiency judgement against the homeowner.


Deficiency Judgement (amount)
Foreclosure Successful Short Sale

In a foreeclosure, the home will have to go through the REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sell in a declining market. This will result in a higher possible deficiency judgement.

In a properly managed short sale, the home is sold at a price that should be close to market value, and in almost all cases will be better than an REO sale resulting in a lower deficiency.


Security Clearance
Foreclosure Successful Short Sale

Foreclosure is the most challenging issue against security clearance outsire serious misdemeanors or felony convictions. If a client is a member of the police, military, CIA, or any other position that requires security clearance, in most cases clearance will be revoked and the position will be terminated.

On its own, a short sale does not challenge most security clearances.

 

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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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