Miami-Dade, Broward County Short Sales
Feeling like there is no option but foreclosure can be an
overwhelming experience for anyone. Today, too many families are
feeling these emotions every day. We all know banks are being bailed
out by the government but you as an individual also has options
today.
At this difficult juncture in your life, you need someone with a
clear understanding of the solutions available to you. You can lose
a home in many ways different ways, however losing it to foreclosure
destroys your credit, can embarrass the family and hinder your
ability to purchase another home for your family for a long period
of time. A short sale allows to walk away with your dignity since
you sold your home as opposed to getting foreclosed. Below are the
hard facts and differences between getting foreclosed and selling
your home.
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FORECLOSURE |
SHORT SALE |
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| 1. |
You Get Foreclosed
- Your neighbors and your family see your home on the market
as a foreclosure which could result in
embarrassment and alienation of the family. |
You Sell Your Home |
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| 2. |
Credit is
jeopardized for a significantly longer period of time and
reduces your credit score by as much as 300 points. |
Your credit score would go down as
little as 50 points depending on other factors within the
credit scoring formula. |
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| 3. |
Employers have to
right to check your credit and could consider a foreclosure
grounds for immediate termination. This is especially true
if you work in monetary sensitive field. |
A Short Sale is
reflected on your credit as a paid off mortgage as there is
no special identification for this type of sale. |
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| 4. |
On any future loan
application, you will have to answer "yes" to question C
asking if you have EVER been foreclosed upon which will
could affect both your interest rate and your loan approval. |
There is no question on the application
regarding short sale. Fannie Mae allows short sellers to
purchase a new home after only 2 years
from the date of the
short sale. |
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| 5. |
Investors who
allows a property to go to foreclosure is ineligible for a
Fannie Mae loan for a period of 7 years. |
Investors who successfully negotiates a
short sale will be eligible for a Fannie Mae mortgage after
only 2 years. |
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The short sale information provided on this website should not be
constituted as legal advice. The information and content is intended to
provide general information about the short sale and foreclosure process
and should not be acted upon without the guidance of a licensed real
estate professional, an attorney and tax advisor/consultant.
SERVICE AREA
We sell homes Miami-Dade, Broward and parts of Monroe
counties south to Key Largo.
