FORECLOSURES:
A homeowner who loses s home to foreclose is ineligible for a Fannie Mae-backed mortgage for a peroid of 5 years.
An investor who allows property to go to foreclosure is ineligible for a Fannie Mae-backed investment mortgage for a period of seven years.
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 a property foreclosed upon or given a title or deed in lieu thereof in the last 7 years?" This will affect future rates.
SUCCESSFUL SHORT SALE:
Homeowners who successfully negotiates and closes a short sael will be eligible for a Fannie Mae-backed mortgage after only 2 years.
There is no similar declaration or question regarding a short sale.
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.
I have more information on this if anyone needs help please call me or e-mail 561 289 2123.
As a relocated "Brit", happily married for 35 years and mother of seven, I have experienced the excitement and the trauma of a major relocation more than once!!!. In the UK I was involved in various forms of Real Estate for many years & have been engaged in Sales & Marketing all my working life.
Let your goals be my goal! & allow me to work with you, for a smooth Real Estate journey.
Sincerely,
Wendy
That experience, coupled with the knowledge I have gained through my affiliation with Coldwell Banker & having lived in the Boca Raton area for 9 years, can help you through whatever your real estate needs may dictate.Extensive knowledge of Palm Beach & Broward counties & personal experience of many local schools,plus a direct,honest,hardworking attitude, will create confidence & trust.
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