Vickie Steele

Break Free From Unaffordable Mortgage Payments!

A recent study in Nevada (a state that holds the nation’s highest foreclosure rate), found that only 5% of distressed homeowners knew they had alternatives to foreclosure, and only 3% took advantage of them. It was also found the 1 in 4 homeowners chose to “strategically default,” or allow their homes to be foreclosed upon on purpose!

Clearly, too few distressed homeowners know their options and the fallout of foreclosure. If they did, they’d soon realize that there’s nothing ‘strategic’ about foreclosure, and that avoiding foreclosure is always the best plan to create financial stability.

Millions of Americans feel alone and trapped by mortgage payments they can no longer afford. In fact, 27% of Americans with mortgages now owe more than what their home is worth. However, more and more of them are finding education on the responsible alternatives to foreclosure is helping them move toward financial stability.

Education is key. The more distressed homeowners know about solutions, the more likely they are to overcome their financial challenges. I’ve seen this firsthand.

I can help with the education part—it’s up to you to contact me!

Vickie Steele - Team Steele Real Estate Group
Direct: (949) 916-9319

"Certified Distressed Property Expert"

• In a Hardship Situation?
• Unable to make your Mortgage Payments?
• Fearing Foreclosure and Short on Equity?
• Needing to Sell, but unsure of your options?

When it comes to stopping foeclosure, every minute counts.

Whether you're a homeowner or an investor faced with any hardship circumstances, call today to see how we can help!

Short Sale vs. Foreclosure?

You make the call!

I get the question from people all the time: short sale or foreclosure, which is the better option? My knee-jerk reaction is always “Are you kidding? Short sale, of course!” This has been mostly because I was always under the impression that a short sale, although still a ding on your credit, was gentler on the score than a foreclosure.

But according to a recent blog post by FICO Banking Analytics, there is no real difference in the affect a short sale or a foreclosure has on your credit score. Both the impact in points and the time to fully recover is about the same for both events.

This put me in a precarious situation. All this time I had lauded the short sale as vastly superior to foreclosure, largely because of its less adverse affects on credit. So I was forced to do further research into which was the better option. In doing so I learned about benefits of a short sale I wasn’t even aware of, and found that the FICO blog was way off.

Each borrower’s credit situation is different, and the way that a creditor reports a short sale to bureaus is different. The reality is that hundreds of thousands of distressed homeowners who have chosen a short sale have experienced a lesser impact on their credit than those who have chosen foreclosure.

In a short sale, a distressed homeowner may be able to obtain another mortgage sooner than someone who has a foreclosure on his or her record. Also, more and more employers pull credit before hiring a potential employee, and a foreclosure can keep you from getting a job. Some employers pull credit reports on existing employees, and a foreclosure may not bode well in certain industries.

These benefits stacked against the negatives of foreclosure, including the embarrassment of public announcement and literally being kicked out of your home, make, in my opinion, short sale the reigning champion.

Now you make the call!

Vickie Steele - Team Steele Real Estate Group
"Certified Distressed Property Expert" Call us today...You have Options. I have Answers.

(949) 916-9319