Q:  What is a Short Sale?
A:  When you sell your house for less then you owe on the property and your mortgage company agrees to take less than the balance owed.
 

FORECLOSURE VS. SHORT SALE
Homeowner Consequences

Issue Foreclosure Successful Short Sale
Security Clearances Foreclosure is the most challenging issue against a security clearance outside of a conviction of  a serious misdemeanor or felony.  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 berevoked and position will be terminated.  A Short Sale on its own does not challenge most security clearances
 Current Employment  Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions.  A foreclosure in many cases is ground for immediatereassignment or termination.  A short sale is not reported on acredit report and therefore not a challenge to employement .
Future Employment  Many employers are requiring credit checks on all job applicants.  A foreclosure is one of the most detrimental credit itmes an applicant can have and in most cases will challenge employment  A short sale is not reported on credit report and is therefore not a challenge to employment.
Deficiency Judgement  In 100% of foreclosures(except in those states where there is no deficiency) the bank has the right to pursue a deficiency judgement In some successful short sales it is possible to convince the lender togive up the right to pursuit a deficiency judgement against the homeowner.
 
Deficiency Judgement (amount)  In a foreclosure the home will have to go through an REO process if it does not sell at auction.  In most cases this will result in a lower sales price and longer tiem to sale in a declining market.  This will result in a higher possible deficiency judgement.   In a  properly managed short sale the home is sold at a price that should be close to market value and in almost all cases will be better than an REO sale resulting in a lower deficiency.   
Future Fannie Mae Loan -Primary Residence (effective May 21, 2008)  A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of5 years.  A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years. 
Future Fannie Mae Non Primary  (effective May 21, 2008)  An investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment morgage for a period of 7 years.   An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years. 
Future Loan with any Mortgage Company  On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII that asks "Have you had property foreclosed upon or given title or deed in lieu thereof inthe last 7 years?" this will affect future rates.   There is no similar declaration or question regarding a short sale
 Credit Score  Score may be lowered anywhere from 250 to over 300 pointes.  Typically will affect score for over 3 years.   Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated.  This will lower the score as little as 50 points if all other payments are being made.  A short sale's affect can be as brief as12 to 18 months. 
Credit History Foreclosure will remain as a public record on a person\'s credit history for 10 years or more.  Short sale is not reported on a credit history.  There is no specific reporting item for 'short sale'.  The loan is typically reported 'paid in full, settled'. 

I have been successful helping Atlanta homeowners save their credit by successfully negotiating and closing their home under a short sale before they were foreclosed.

•If you have suffered a financial hardship due to things like job loss or illness and you can't afford your mortgage.  I MAY BE ABLE TO HELP YOU. 

•If you owe more than the homes are selling for in your neighborhood or area.  I MAY BE ABLE TO HELP YOU. 

•If you don't know how you would pay an agent because you are in a negative equity position.  I MAY BE ABLE TO HELP YOU. 

•Even if you owe money in back taxes or HOA dues. I MAY BE ABLE TO HELP YOU.

•Have you already spoken to a real estate licensee and they told you that you have no options.  I MAY BE ABLE TO HELP YOU.   
 
•Have you moved or been transferred for employment or family reasons?  I MAY BE ABLE TO HELP YOU.
Don't wait another day!  
Call me before it's too late
(404) 388-9609