WHAT WILL YOU DO?
Losing your home to foreclosure due to an inability to keep up with your monthly mortgage payments is one of life's most unpleasant experiences. It is also an event that keeps on affecting you long after your home is gone by devastating your credit score. Regrettably, most people cannot be 100% sure that they will remain safe from foreclosure because they can't foresee the unexpected. Occurrences such as serious illness, a major accident, divorce or job loss can happen to anyone. Remember that today 1 in 6 homeowners are behind on their mortgage payments, if you are one of them in trouble, YOU are NOT ALONE.
We would like to take a moment to introduce Schooner Bay the Short Sale Experts to you. We take pride in helping distressed property owners like you AVOID FORECLOSURE!
We know this might be a difficult time for you, as you are faced with many decisions ahead regarding your home. We also know when faced with making these decisions, it can be even more difficult to choose the right persons or company that is out to provide service that's in YOUR BEST INTEREST.
Our ultimate goal at Schooner Bay Realty is to provide you with a solution to help you
AVOID a FORECLOSURE and our services come at NO COST TO YOU.
Everyone's circumstances are unique and different. Ask yourself a few Simple Questions.
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Is your mortgage payment too high?
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Do you owe more than your home is worth?
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Do you want to minimize damage to your credit?
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Did you expericence loss of income, go through divorce, or have a JobTransfer?
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Do you want to sell your home but there is NO or Not Enough Equity?
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Do you want to AVOID or STOP Foreclosure and Get a fresh Start?
If you answered YES to any or all of these questions....... WE CAN HELP YOU!!!
LET US HELP YOU TAKE ACTION AND MOVE FORWARD WITH YOUR LIFE!
F.A.Q's
WHAT ARE THE IMPLICATIONS TO MY CREDIT SCORE?
Following a successful short sale, your mortgage will be reported on your credit score as either paid or negotiated, lowering your score as little as 50 points and affecting you for only 12 to 18 months. After a foreclosure, however, your credit score can lower as much as 300 and affects your score for a minimum of three years.
WHAT ARE THE IMPLICATIONS TO MY CREDIT HISTORY?
A short sale is usually reported as paid in full and is not reported on your credit history. A foreclosure will remain on your credit history for 10 years or more and will remain as public record.
HOW LONG WILL I HAVE TO WAIT TO BUY ANOTHER HOME?
After a foreclosure, you may end up waiting another 24 to 72 months before a mortgage lender will take a chance on lending you money. Most mortgage lenders report that for homeowners who have undergone a previous short sale, they may get a new loan in less than two years. Fannie Mae guidelines allow a short seller to apply for a new loan IMMEDIATELY if payments were kept current and had no 60-day late payments on their record.
WHAT WILL BE THE EFFECTS ON MY FUTURE LOANS?
For most mortgage lenders you will not be asked to declare or be questioned regarding a short sale on any standard loan application. In regards to foreclosure, you will be asked on any future standard loan application if you have had a property foreclosed in the last seven years, therefore affecting your rate. Fannie Mae backed mortgages will be available to you following a short sale after two years. Fannie Mae backed mortgages will not be available to you for at least five years if you have lost your home due to a foreclosure.
HOW DOES A SHORT-SALE vs. FORECLOSURE AFFECT THE DEFICIENCY JUDGMENT?
If your short sale is handled successfully, the lender may give up the right to pursue a deficiency judgment against you. If the lender does pursue a deficiency judgment against you after a successful short sale, the amount will be considerably lower because your home was sold at a price closer to market value than that of a Real Estate-Owned (REO)/Foreclosure sale. In all foreclosures, with the exception of those states without deficiency, the bank has the right to file a deficiency judgment against you. Since your foreclosed home will have to go through the REO process if not sold at auction for a lower sales price, this results in a higher deficiency judgment against you.
DISCLAIMER: This information provided on this website should not be constituted as legal advice. The content is intended to provide general information about the short-sale and foreclosure processes, and should not be acted upon without the counsel of a qualified REALTOR, ATTORNEY, and TAX EXPERT.
