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Short Sale Vs. Foreclosure




                       Call : 775-525-1205
                        www.renohelp.org
Issue 1      Future Fannie Mae Loan- Primary Residence 1

Foreclosure                          Successful Short Sale
A homeowner who loses a home         A homeowner who successfully
to foreclosure is ineligible for a   negotiates and closes a short sale will
Fannie Mae-backed mortgage           be eligible for a Fannie Mae- backed
for a period of 5years.              mortgage after only 2 years.




                                                           Call : 775-525-1205
                                                            www.renohelp.org
Issue 2      Future Fannie Mae Loan- Non-Primary2

Foreclosure                       Successful Short Sale
An investor who allows a          There is no similar declaration or
property to go to foreclosure is question regarding a short sale.
ineligible for a Fannie
Mae-backed investment
mortgage for a period of 7 years.




                                                        Call : 775-525-1205
                                                         www.renohelp.org
Issue 3      Credit Score

Foreclosure                         Successful Short Sale
• Score may be lowered             • Only late payments on a mortgage
  anywhere from 250 to more          will show, and after sale, mortgage
  than 300 points.                   is normally reported as 'paid as
• Typically will affect a credit     agreed', 'paid as negotiated', or
  score for over 3 years.            'settled'.
                                   • This can lower the score as little as
                                     50 points if all of the other
                                     payments are being made.
                                   • A shore sale's effect can be as brief
                                     as 12 to 18 months.




                                                          Call : 775-525-1205
                                                           www.renohelp.org
Issue 4     Credit History

Foreclosure                       Successful Short Sale
Foreclosure will remain as a     • A short sale is not reported on a
public record permanently, and     credit history.
on a person's credit history for • There is no specific reporting item
10 years or more.                  for 'short sale'.
                                 • The loan is typically reported 'paid
                                   in full, settled'.




                                                        Call : 775-525-1205
                                                         www.renohelp.org
Issue 5      Security Clearance

Foreclosure                         Successful Short Sale
• Foreclosure is the most           On its own, a short sale does not
  challenging issue against a       challenge most security clearances.
  security clearance outside a
  serious misdemeanor or
  felony conviction.
• If a client has a foreclosure
  and is a police officer, in the
  military, in the CIA, security,
  or any other position that
  requires a security clearance,
  in almost all cases clearance
  will be revoked and position
  will be terminated.
                                                        Call : 775-525-1205
                                                         www.renohelp.org
Issue 6       Current Employment

Foreclosure                         Successful Short Sale
• Employers have the right and      A short sale is not reported on a
  are actively checking the         credit report and therefore not a
  credit of all employees who       challenge to employment.
  are in sensitive positions.
• In many cases, a foreclosure is
  reason for immediate
  reassignment or termination.




                                                         Call : 775-525-1205
                                                          www.renohelp.org
Issue 7     Future Employment

Foreclosure                      Successful Short Sale
• Many employers are requiring   A short sale is not reported on a
  credit checks on all job       credit report and is therefore not a
  applicants.                    challenge to future employment.
• A foreclosure is one of the
 most detrimental credit items
 an applicant can have and in
 most cases will challenge
 employment.




                                                      Call : 775-525-1205
                                                       www.renohelp.org
Issue 8     Deficiency Judgment (Not Applicable in California)

Foreclosure                        Successful Short Sale
In 100% of foreclosures (except    In some successful short sales, it is
in those states where there is     possible to convince the lender to
no deficiency), the bank has the   give up the right to pursue a
right to pursue a deficiency       deficiency judgment against the
judgment.                          homeowner.




                                                         Call : 775-525-1205
                                                          www.renohelp.org
Issue 9       Deficiency Judgment (amount)

Foreclosure                           Successful Short Sale
• In a foreclosure, the home will     In a properly managed short sale, the
  have to go through an REO           home is sold at a price that should be
  process it does not sell at         close to market value, and in almost
  auction.                            all cases will be better than an REO
• In most cases this will result in   sale resulting in a lower deficiency.
  a lower sales price and longer
  time to sale in a declining
  market.
• This will result in a higher
  possible deficiency judgment.




                                                           Call : 775-525-1205
                                                            www.renohelp.org
Contact MARSHALL CARRASCO

                            Twitter

                            Facebook

                            LinkedIn

                             Email


                            9740 S. McCarran Blvd #103, Reno,
                                       NV 89523

                                  Call Us : 775-525-1205



                                                   www.renohelp.org

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Short Sale vs Foreclosure - Marshall Carrasco Sparks, NV Short Sale Expert

  • 1. Short Sale Vs. Foreclosure Call : 775-525-1205 www.renohelp.org
  • 2. Issue 1 Future Fannie Mae Loan- Primary Residence 1 Foreclosure Successful Short Sale A homeowner who loses a home A homeowner who successfully to foreclosure is ineligible for a negotiates and closes a short sale will Fannie Mae-backed mortgage be eligible for a Fannie Mae- backed for a period of 5years. mortgage after only 2 years. Call : 775-525-1205 www.renohelp.org
  • 3. Issue 2 Future Fannie Mae Loan- Non-Primary2 Foreclosure Successful Short Sale An investor who allows a There is no similar declaration or property to go to foreclosure is question regarding a short sale. ineligible for a Fannie Mae-backed investment mortgage for a period of 7 years. Call : 775-525-1205 www.renohelp.org
  • 4. Issue 3 Credit Score Foreclosure Successful Short Sale • Score may be lowered • Only late payments on a mortgage anywhere from 250 to more will show, and after sale, mortgage than 300 points. is normally reported as 'paid as • Typically will affect a credit agreed', 'paid as negotiated', or score for over 3 years. 'settled'. • This can lower the score as little as 50 points if all of the other payments are being made. • A shore sale's effect can be as brief as 12 to 18 months. Call : 775-525-1205 www.renohelp.org
  • 5. Issue 4 Credit History Foreclosure Successful Short Sale Foreclosure will remain as a • A short sale is not reported on a public record permanently, and credit history. on a person's credit history for • There is no specific reporting item 10 years or more. for 'short sale'. • The loan is typically reported 'paid in full, settled'. Call : 775-525-1205 www.renohelp.org
  • 6. Issue 5 Security Clearance Foreclosure Successful Short Sale • Foreclosure is the most On its own, a short sale does not challenging issue against a challenge most security clearances. security clearance outside a serious misdemeanor or felony conviction. • If a client has a foreclosure and is a police officer, in the military, in the CIA, security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated. Call : 775-525-1205 www.renohelp.org
  • 7. Issue 6 Current Employment Foreclosure Successful Short Sale • Employers have the right and A short sale is not reported on a are actively checking the credit report and therefore not a credit of all employees who challenge to employment. are in sensitive positions. • In many cases, a foreclosure is reason for immediate reassignment or termination. Call : 775-525-1205 www.renohelp.org
  • 8. Issue 7 Future Employment Foreclosure Successful Short Sale • Many employers are requiring A short sale is not reported on a credit checks on all job credit report and is therefore not a applicants. challenge to future employment. • A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. Call : 775-525-1205 www.renohelp.org
  • 9. Issue 8 Deficiency Judgment (Not Applicable in California) Foreclosure Successful Short Sale In 100% of foreclosures (except In some successful short sales, it is in those states where there is possible to convince the lender to no deficiency), the bank has the give up the right to pursue a right to pursue a deficiency deficiency judgment against the judgment. homeowner. Call : 775-525-1205 www.renohelp.org
  • 10. Issue 9 Deficiency Judgment (amount) Foreclosure Successful Short Sale • In a foreclosure, the home will In a properly managed short sale, the have to go through an REO home is sold at a price that should be process it does not sell at close to market value, and in almost auction. all cases will be better than an REO • In most cases this will result in sale resulting in a lower deficiency. a lower sales price and longer time to sale in a declining market. • This will result in a higher possible deficiency judgment. Call : 775-525-1205 www.renohelp.org
  • 11. Contact MARSHALL CARRASCO Twitter Facebook LinkedIn Email 9740 S. McCarran Blvd #103, Reno, NV 89523 Call Us : 775-525-1205 www.renohelp.org