My New Blog

• A short sale is not reported on your credit report, a foreclosure is!
• Each lender has different requirements during their short sale process
• Be prepared with proper documentation from the start
• Be patient with the timing of lender responses but be persistant by calling weekly to obtain the status of your short sale
• Be aware that the foreclosure department may not grant sale date postponements even though you are negotiating a short sale - Keep in touch with customer service as to the status and keep asking for them to postpone the sale. The difference in your credit score could be 300 points between a short sale and a foreclosure and whether you can obtain Fannie Mae financing for another home in 2 years or 7 years!
• Your employer has the ability/right to check your credit to see if you are in a volitile position with your credit. Termination is worst case scenario!
• In may states, the bank has the right to pursue a deficiency judgement in a foreclosure! A short sale can be sold at a better price than a foreclosure and most banks will forgive the remaining deficiency.