Short Sale vs Foreclosure

In a foreclosure a homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years

In a short sale the homeowner who successfully negotiates and closes a short sale will be eligible for a Fanie Mae backed mortgage after only 2 years

A short sale is not reported on a credit report and is therefore not a challenge to employment

Sometimes in a successful short sale, it is possible to convince the lender to give up the right to pursue a deficiency judgement against the homeowner

PLEASE call me if you would like to purchase a short sale or bank owned property  OR if you need help with the sale of your home!

Trackbacks (0)

Comments (0)