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Short Sale vs. Foreclosure
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ISSUE
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FORECLOSURE
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SUCCESSFUL SHORT SALE
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Future Fannie Mae Loan (Primary Residence) 1 |
A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period up to 7 years with some exceptions based on extenuating circumstances. See: efanniemae.com
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A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage within 2 years (see page 2 for LTV ratios).
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Future Fannie Mae Loan (Non Primary) 2 |
An investor who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period up to 7 years with some exceptions based on extenuating circumstances. See: efanniemae.com
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An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed investment mortgage within 2 years (see page two for LTV ratios).
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Future Loan with any Mortgage Company
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On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 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.
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There is no similar declaration or question regarding a short sale. FHA – If current at the close of short sale, a homeowner may apply for an FHA loan immediately. If homeowner is late before close of short sale closing, will be eligible for FHA loan after 3 years. 3 |
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Credit Score
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Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years.
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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 if all other payments are being made. A short sale’s effect can be as brief as 12 to 18 months.
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Credit History
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Foreclosure will remain as a public record on a person’s credit history for 7 years or more.
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A short sale is not reported on a persons credit history. There is no specific reporting item for "short sale." In most cases a loan is typically reported "paid in full, settled" or "paid as negotiated."
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Security Clearances
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Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police or security officer, in the military, in the CIA, or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated.
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On its own, a short sale does not challenge most security clearances. 4 |
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Current Employment
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Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A foreclosure in many cases is ground for immediate reassignment or termination.
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A short sale is not reported on a credit report and is therefore not a challenge to employment. 5 |
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Future Employment
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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.
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A short sale is not reported on a credit report and is therefore not a challenge to employment. 6 |
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Deficiency Judgment
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In 100% of foreclosures (except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgment.
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In some successful short sales it is possible to convince the lender to give up the right to pursuit a deficiency judgment against the homeowner.
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Deficiency Judgment (amount)
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In a foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sales price and longer time to sale in a declining market. This will result in a higher possible deficiency judgment.
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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
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CDPE 2011
If you are struggling to make your payments under the load of other debts or loss of income, consider selling your home as a short sale rather than let it go to foreclosure. The chart above from the Certified Distressed Property Institute, outlines the short sale alternative verses foreclosure and how both options may affect you. If you have questions about listing your home as a short sale, we are here to help. We have successfully helped many families get out from under the burden of mortgage debt higher than the current market value on their home. Please give us a call....we sincerely care and have the resources and experience to help.
LAKE NONA'S MOST EXCLUSIVE LUXURY HOMES FOR SALE!=== (Lake Nona, FL)
The time is now..prices already inching up in the lower tier markets, buy luxury while it's at the lowest.
Lake Nona offers exclusive luxury within minutes of Medical City. Amazing homes, amazing deals! Contact Carey or Jim to schedule an appointment today!
VIEW LAKE NONA'S MOST EXCLUSIVE LUXURY HOMES
Location: Lake Nona, FL
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LAKE NONA'S FASTEST SELLING HOMES!=== (Lake Nona, FL)
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LAKE NONA'S BEST PRE-LUXURY HOME FOR PRE-LUXURY PRICE!=== (Lake Nona, FL)
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"5-Star Best in Client Satisfaction"- Orlando Homebuyer Magazine 2008-2011 Cultural Icon 2007- Keller Williams, Orlando, FL. Top Growth Agent- Keller Williams Advantage II Agent Leadership Council
Carey Light, P.A., offers her clients a complete package with components vital to a smooth, even enjoyable, real estate transaction. Carey's commitment to keeping the client's BEST INTERESTS first and foremost at all times has earned her repeat business and high quality referrals. Additionally, Carey calls upon her extensive list of allied resources to serve her clients with excellence and integrity. Carey connects easily with people, tells the truth, uses creativity and energy and simply outworks her competition.
Carey and her husband, an architect and general contractor, began investing in real estate in the mid 90's. Carey earned her masters degree in education from the University of Florida and began teaching in the public school system (Carey continues to use her teaching skills to educate her clients!). After staying home full time to raise her toddlers for a number of years, Carey returned to the work force as a teacher at a private christian school in Orlando, FL. After a lifetime of interest in homes, decor and construction, Carey finally obtained her real estate license. Within her first two years of business Carey earned the distinction of being one of the top agents in the North Florida region, #1 growth agent for her office and the Keller Williams Culture award for "Going the Extra Mile" for her clients. Carey serves her clients with authentic care and compassion. Clients are smart and they know a phony when they meet one. With Carey, home buyers and sellers know they have a real advocate in their corner.
Carey Light works with both home buyers and sellers in the Central Florida Market. Her expertise is the Southeast Quadrant of Orange County and the Narcoossee Rd Corridor and Lake Nona stretching into Osceola County and St. Cloud.
She enjoys helping buyers define their wants and needs, identifying an enjoyable neighborhood environment, and obtaining a home they can be excited about at a great price. Her creativity kicks in when working with sellers to market their property. Successfull in selling homes in a market others are defining as "BAD", Carey pulls out all the stops...staging, professional photography, open houses, extensive internet marketing and promotion through her network of high quality relationships in the real estate community have brought her sellers to the closing table.
Carey is a neighborhood specialist for the red hot Lake Nona area. She is up to date on the neighborhoods, development and school reports for this growing area. So much excitement and quality development in the Lake Nona area to talk about....all to the benefit of its residents. Check out Carey's blogs on Lake Nona, the Medical City and its impact on the region.
Carey was awarded the designation Certified Luxury Home Specialist in recognition of sales production in the upper tier market. Carey is also a Certified Distressed Property Expert, which means she has the training and experience to help her clients purchase or sell distressed properties (ie, short sales or foreclosures).
In early 2005 my wife and I had decided we wanted a new home. Carey showed us a property, near our church and school, that was being developed, and our " dream home " began to materialize. Carey helped us through the process of selecting the lot we wanted and choosing the model most suitable to our family's needs. Carey's advice and insight really helped. We love our new home! After selecting our home and homesite, we had to sell our existing home in Orlando. Our new home was to be completed in mid 2007,so timing was important. Carey's advice was right on. Unfortunately, new home sales were sluggish in early 2006; but Carey reassured us and we let her "market " our house...and she really did! The " virtual tour " she set up was impressive, and really made the most of the features we had to offer. We showed the house numerous times while other homes (for sale) in our neighborhood were not being shown. Carey advised us what was a realistic price and helped us with the negotiations. We sold our house for what we needed and, unbelievably, closed on our old house and new home the same day! Carey was at both closings and because of her preparation, there were no glitches. Both closings went smoothly. Carey's expertise was obvious. I am a swimming pool contractor and have been working with home builders in Central Florida since the mid 80's. I have been involved with a lot of real estate agents and transactions. Carey is a professional. She really cares. She has realistic expectations with a lot of enthusiasm and she delivers. My wife, daughter and I are so very grateful for all her efforts. Today we live in our dream home (with a really nice swimming pool :-) and Carey Light made it happen. Carey, you are THE BEST!!!! -David Center
Moving to a new state, away from family and friends was stressful enough, without having to worry about who would help us find our new home. We were referred to Carey by our daughter's dance instructor, and from the moment we met and discussed our needs we knew we had made the right decision. Carey listened carefully not only to our needs, but also our wants, and saved us so much time by taking this information and using it to screen properties in the areas we were interested in. We were so impressed that she stayed within the price range we requested, which resulted in our developing a special, unique level of trust in our agent-client relationship. As we have moved frequently throughout the United States, we have had several experiences with real estate agents, and won't hesitate to offer that the integrity and character we experienced while working with Carey is second to none. She made a stressful time in our lives enjoyable. We found a beautiful home that we love, and best of all, we now consider Carey to be a good friend, and wouldn't hesitate to invite anyone we know to experience her personalized brand of service. -Elaine and Randy Thomason
Carey is as genuine and caring business person I have met. She put up with a great deal from me and smiled the whole time. It was a complete pleasure to do business with her, and a distinct pleasure to have her as my new neighbor. -Sincerely Marcus McCrary
Carey was an absolute pleasure to work with in finding our dream home. I never once felt like she was a "realtor" and just pushing for a sale. She's a very caring lady! Thank you, Carey!
-Bruce Zimmerman
My wife and I sold our Orlando home in the midst of a very difficult market in the summer of 2008. Besides doing an excellent job marketing our home in a difficult market, Carey also did a great job navigating the challenging waters of difficult, confusing, and strained communications with the buyer. We highly recommend Carey and her services.
-Chip Scivicque
Carey Light did an amazing job in the sale of our home. She was very professional and knowledgeable about our area. Carey walked through the process with us to help us determine the right asking price for our community. Carey provided invaluable input to have our home in the condition right for the market. She had several professional resources available to make our home stand out from the others in our market. She was always available to answer questions and support us as we planned a move across the country. We know that her hard work and dedication to her clients were major factors in our home selling in just a week! We highly recommend Carey to anyone needing a dedicated ethical realtor.
-Charles and Kara Norris
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