Jennifer Green

Foreclosure VS Short Sale Fear NOT What is the difference between short salesand foreclosure(notice of default)?

Statics from lenders nationwide state that 70% of people that foreclose on their home NEVER contact the Realtor or the lender for assistance. Whatever your decision is do not fall in this category! There is help out there for home owners. Be educated and empowered in your decision.

Future Fannie Mae Backed Home Loans

• Foreclosure- 5 years before you can get another Fannie Mae backed home loan on your primary residence and 7 years if it is a second home
• Short Sale - after 2 years a short sale.

Credit Score

• Foreclosure- 250 to 300 point FICO drop and will affect the score for 3 years
• Short Sale- 50 point drop and only any late payments will be reported. Otherwise will show paid as negotiated

Credit History

• Foreclosure - becomes public record and remains on credit report for 10 years
• Short sale- is not reported as a short sale. Typically it is reported as"paid in full / settled"

Employment

Security Clearance-

• Foreclosure- can affect a security clearance for many including police and military
• Short Sale - does not challenge mostsecurity clearances

Current Employment

• Foreclosure - employers have the right to check credit and can reassign or terminate employment based on the foreclosure.
• Short Sale is not reported on your credit report so therefore is not a challenge to employment.

Future Employment

• Foreclosure - employers often require a credit check on job applicants. A foreclosure is not looked on unfavorably.
• Short Sale - is not reported on your credit report so therefore is not a challenge to employment.

Deficiency

Arizona is an anti - deficiency state but this will vary state by state and type of loan you have so check this out thoroughly.

• Foreclosure- 100% responsible for the deficiency. AGAIN varies state to state.
• Short Sale- can be negotiated off and the homeowner may have no deficiency or lower deficiency.

AGAIN varies state to state.

As always in making your educated and empowered decision we will require our clients to obtain legal counsel from both a tax and real estate attorney.

The 76 square miles that make up the town of Gilbert has made the transition from agricultural center into a highly educated and affluent community supporting high-wage jobs in life science and health services, high technology, clean and renewable energy, and corporate and regional headquarters/offices in advanced business services.

History From humble agricultural beginnings as the hay capitol of the world to a thriving suburban community Gilbert has grown in the last 100 years. Gilbert was founded as a railroad stop between Phoenix and Florence on land belonging to William “Bobby” Gilbert. The agricultural town quickly sprang up after the completion of the Roosevelt damn and canal system. Gilbert got its current shape in the 1970’s when the town of only 1,971 people had the foresight to expect growth. This foresight laid the foundation for growth well into the future. Gilbert went from just under 6,000 in population in the 1980’s to 215,000 in 2009.

Awards and Recognition In 2010, Gilbert was awarded as the 36 best place to live in the nation by greatschools.org in their top places to live and learn category. Gilbert also as enjoyed recognition as the safest municipality in Arizona and the 24^th safest in the nation, according to QC Press in Washington. Gilbert was also ranked by CNN's Money magazine in 2008 as one of the best places to live in the United States. Gilbert’s Cosmo Dog Park has been featured twice in the publication Dog Fancy and named dog park of the year in 2007. Gilbert’s riparian system has also received recognition from the National Audubon Society as an important bird area.

Education / Income While most of Gilbert is serviced by Gilbert Public School system there are 3 other school districts that service parts of the town; Chandler Unified School District, and Higley Unified School District, and the Queen Creek Unified School District. There are also various charter schools that service residents. 92.33% of Gilbert residents are high school graduates. 34.8% of Gilbert residents hold a bachelor’s degree or higher and earn a median income of $86,000 according to statics in 2009. [gallery]