Foreclosure Information
In our current economy, many people are experiencing difficulty, for whatever the reason, in keeping up with the mortgage payments on their Lake Arrowhead property. Perhaps your hours at work have been cut. You’ve lost your job. Maybe you or a family member have suffered a minor medical problem. A divorce or separation. Regardless, I understand the situation you may be facing.
But before you miss your first mortgage payment on your Lake Arrowhead home, call me and let me explain your options, because there is a big difference between a Short Sale and a Foreclosure. Below are a few examples:
Successful Short Sale closings
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You will be eligible for a Fannie Mae-backed mortage after 2 yrs.
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Your credit score may only be lowered as little as 50 points (if all other payments are made)
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Most Short Sales do NOT challange your security clearance/s
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A Short Sale is NOT reported on a credit report & is NOT a challenge to employement
Foreclosures
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You will be eligible for a Fannie Mae-backed mortage for 5 yrs
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Your credit score may be lowered to as much as 250 to 300 points
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Foreclosure will remain as a public record forever, and on a person’s credit history for 10 yrs
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Foreclosures are most challenging against your security clearance outside a misdemeanor or a felony conviction.
Call me today if you are facing foreclosure.
Check out: Kat’s Distressed Property HomeOwner’s Blog
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