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1. Are you the owner of a one- to four-unit home?
2. Do you have a loan owned or guaranteed by Fannie Mae or Freddie Mac?
If you don’t know, click here.
3. Are you current on your mortgage payments?
4. Do you believe that the amount you owe on your first mortgage is about the same or less than the current value of your house?
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Foreclosure

A homeowner who loses a home to a foreclosure is ineligible for a loan for a period of 5 years.

Short Sale

A successful short sale will be eligible for a mortgage only after 18-24 months!!

Your credit score may be lowered anywhere from 150-300 points. This will affect your score for over 3 years!!

Your mortgage will be reported as paid or negotiated, lowering your credit score as little as 50 - 100 points!

Foreclosure will remain on your credit history for 10 years or more

A short sale is not reported on a credit history. There is no specific reporting item for “short sale”. The loan is typically reported as “paid in full, settled”

Employers have the right, and are actively and regularly checking the credit of all employees who are in sensitive positions. A foreclosure, in many cases, is grounds for immediate reassignment or termination.

A short sale has no challenge to employment since it is not reported on your credit history.

In almost all foreclosures the bank will come after 100% of the deficiency balance

In many short sales we have the deficiency balance completely forgiven