Jerry Cobb

As a Certified Distressed Property Expert, I know many homeowners think that there's no difference between a short sale and a foreclosure in regard to their credit or their life.

Nothing could be further from the truth.

Fact#5: Foreclosure is the most challenging issue against a security clearance ouside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, the CIA, Security or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated. A short sale on its own does not challenge most security clearances.

Homeowners need to know the facts about foreclosure and ways to avoid it...if you have questions, contact me at jerry.cobb@wesellmore.net or 719/492-4041

As a Certified Distressed Property Expert, I know many homeowners think that there's no difference between a short sale and a foreclosure in regard to their credit or their life.

Nothing could be further from the truth.

Fact#5: Foreclosures are a matter of public record, and they will remain on your 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".

Homeowners need to know the facts about foreclosure and ways to avoid it...if you have questions, contact me at jerry.cobb@wesellmore.net or 719/492-4041

As a Certified Distressed Property Expert, I know many homeowners think that there's no difference between a short sale and a foreclosure in regard to their credit or their life.

Nothing could be further from the truth.

Fact#4: With a foreclosure on your record, your credit score will be lowered by an average of 250 to over 300 points. Typically, this will affect your score for over 3 years. In a short sale situation, only late payments will show and after sale, the mortgage will be reported as paid or negotiated. This will lower the score by as little as 50 points if all other payments are being made. A short sales affect can be as brief as 12 to 18 months. (source: Distressed Property Institute, LLC)

Homeowners need to know the facts about foreclosure and ways to avoid it...if you have questions, contact me at jerry.cobb@wesellmore.net or 719/492-4041

As a Certified Distressed Property Expert, I know many homeowners think that there's no difference between a short sale and a foreclosure in regard to their credit or their life.

Nothing could be further from the truth.

Fact#3: Getting a mortgage loan in the future. 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 a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" This will affect future rates and possibly affect the mortgage companies ability to underwrite the loan. There is NO similar declaration or question regarding a short sale. (source: Distressed Property Institute, LLC)

Homeowners need to know the facts about foreclosure and ways to avoid it...if you have questions, contact me at jerry.cobb@wesellmore.net or 719/492-4041

The second of many installments...As a Certified Distressed Property Expert, I know many homeowners think that there's no difference between a short sale and a foreclosure in regard to their credit or their life.

Nothing could be further from the truth.

Fact#2: An investor who allows a property to go to foreclosure is ineligible 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 eligible for a Fannie Mae backed investment mortgage after only 2 years. (source: Distressed Property Institute, LLC)

Homeowners need to know the facts about foreclosure and ways to avoid it...if you have questions, contact me at jerry.cobb@wesellmore.net or 719/492-4041.