If You Are Facing Foreclosure, Here are 5 Facts You Need to Know:
1. After Foreclosure, you cannot qualify to buy another home for up to 7 years. However, after a Short Sale, most clients are able to buy within 24 months.
2. In a Foreclosure, your 2nd loan is still a collectable debt after the sale of the property. In a Short Sale we negotiate both your 1st and 2nd lender to ensure both loans are settled with no balance due upon the close of escrow.
3. Most Rental and Credit applications specifically ask if you have a Foreclosure on your record, but none of them ask about a Short Sale.
4. All fees including Commission, Past due Taxes and Buyer Closing Cost are paid by the Bank, not by the seller.
5. After successfully selling you home as a Short Sale, your credit begins repairing itself quickly due to the fact your credit report will show the loan as ” Settled in full for lesser Amount”.
