Denise Hutchinson
770-855-3515
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FACING FORECLOSURE? Need Information?
Owe too much to sell?
Don't give up!! Ask for help.
Call a Certified Distressed Property Expert!
770-855-3515 Denise Hutchinson
Don't be afraid to ask for help! Get the information you need! Many people are facing difficult times!
If you have experienced something in your life that has created a hardship such as loss of a job, divorce,
or an adjustable rate mortgage that has caused your monthly rate to increase, you may qualify for a Short Sale.
What is a Short Sale?
When a mortgage company agrees to take less than what is owed to them as "payment in full"
...it is considered a short sale.
Many mortgage companies will agree to this...but it is imperative that you find an expert and move quickly!
If you ask an expert for help, and are willing to provide the information needed,
our expert team will be glad to evaluateyour individual situation and work with you to
avoid foreclosure. Our free consultation will be held in the strictest confidence.
Please read the quick comparison below regarding a foreclosure vs a short sale.
Foreclosures vs. Short Sales
Credit Score and Credit History
Future Loan Possibilities
- With a foreclosure, your rate will be affected if you have foreclosed in the last 7 years and you will not be able to get a Fannie Mae backed mortgage for at least 5 years.
- With a short sale, most lenders will not question a short sale and a Fannie Mae backed mortgage will be available after 2 years.
Career Implications
- A foreclosure can affect your career if your potential employer runs a credit check. Employers may find a foreclosure as reason for termination.
- Because a short sale does not appear on your credit report, it will not affect your career.
Deficiency Judgments
- For a successful short sale, the lender may not pursue a deficiency judgment. If there is a deficiency judgment, the amount will be lower because the home was sold at a price closer to market value than if the ownership had been returned to the lender.
- For a foreclosure, the bank can file a deficiency judgment. The ownership will be returned to the lender and therefore will result in a greater deficiency judgment.
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