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Foreclosure: On any future application, a prospective borrower will have to answer YES to question C in section VII 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.
Short Sale: There is no similar declaration or question regarding a short sale.
If possible, a short sale is a much better option than going into foreclosure. Here is the second reason why.
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.
Spending a little bit of time now with a qualified agent may save you years of waiting to re purchase a home later on.
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Shayne is a full time Realtor working throughout the West Valley. He and his Team promise to offer you the very BEST service. Considering a short sale? Shayne has his CDPE and CSSN designations.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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