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Foreclosure

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Short Sale Report 

 Call 702-677-8796 To Select A Dignified Alternative To Foreclosure

When a mortgage becomes unmanageable, avoiding  foreclosure becomes a primary goal. For thousands of Las Vegas homeowners unable to make their mortgage payments today, there is a dignified alternative to foreclosure that can lead to a more positive financial outcome.

One of the leading solutions to foreclosure today is a short sale. In a short sale, the lender agrees to accept the sale amount, even if it is less than what is owed on the mortgage.

In this report, you’ll see how the consequences of foreclosure compare to those of a short sale. As a Certified Short Sale Specialist, I have been extensively trained in the alternatives to foreclosure and can help you make an informed decision.

Your Future Loans
:
My goal is to help you get your life back to normal as quickly as possible, and part of that is your ability to own a home again. Here, a short sale can help. Owning a home in the near future will depend on your loan eligibility, which is severely impaired by foreclosure. A successfully negotiated short sale will enable you to become eligible for financing by local portfolio lender within 1 day of completion of short sale subject to pre-approval, or with the FHA back to work extenuating circumstance program effective August 15, 2013 after 12 months.

What Would It Mean To Own A Home Again?
When attempting to acquire a mortgage through
another company, your loan application will ask whether you’ve had a property foreclosure in the last seven years. These applications do not ask about any past short sales, meaning if you have avoided foreclosure through a short sale, your chances of securing a future loan with lower interest rates are substantially better. We're lucky to have a local portfolio lender willing to finance within 1 day of successful completion of a short sale!  Also, you can immediately apply for an FHA (Federal Housing Administration) loan after a successful short sale,assuming you are current on your mortgage payments before the sale. If you want to determine your eligibility for this process, contact me as soon as possible.

Your Future Credit
A short sale may only lower your credit score by as little as 50 points. When facing the possibility of foreclosure, your credit
score is also at stake – something that has become a stronger factor in lenders’ decisions to provide loans, low interest rates, credit cards, etc. A short sale, by itself, can lower your credit score by as  little as 50 points, as opposed to anywhere from 250 to over 300 points in a foreclosure. In addition, a drop in credit due to a short sale can be recovered as quickly as one year, while a foreclosure will affect your credit for at least three years. Your credit history, which is also taken into account for loans, does not keep record of past short sales, but a foreclosure will be publicly recorded for at least 10 years.

Your Future Employment
Current and future employers have the legal right to
check their employees’ credit, and many of them do so regularly. If an employer checks your credit, you want the report as clean as possible. Unlike foreclosure, a short sale is not directly reported on your credit (it will usually say “paid as agreed”, “paid as negotiated”, or “settled”). If your job requires a security clearance – such as police, military or government work – a foreclosure most often presents an issue. Since short sales are currently not explicitly reported on credit reports, they do not challenge most security clearances.

The primary differences between a Short Sale vs Foreclosure:

Short Sales: Negotiated settlement, seller's credit is bruised -- not ruined, no attorney fees, peace of mind, all liens are negotiated, you can obtain financing and buy a home again within 1 business day of completion of short sale. Call 702-677-8796 today or visit: How To Short Sale Your Home In Las Vegas 

Upon completion, the Short Sale is reported to credit reporting agencies as mortgage paid as agreed for less than owed.

Deficiency Judgment: Lenders are prohibited from pursuing a deficiency judgment against the homeowner re primary residence after completion of short sale;

Foreclosure: Court settlement, seller's credit damaged long term, usually large attorney fees, very little peace of mind, all liens are exhausted, buy again in 10 years. (Obtaining financing to own a home in the near future is severely impaired by foreclosure.) 

HAFA HAMP COOP Short Sales Loan Modifications Foreclosure Prevention

US Treasury Interview with Laurie Maggiano, Home Ownership Preservation Office Policy Director 

 November 1st 2012, NEW FNMA and FMAC guidelines streamline the short sale processes to prevent foreclosures and help communities stabilize.  


These new guidelines streamline documentation requirements, waive deficiencies for borrowers that successfully complete a short sale and set standard payments for subordinate lien holders.

In addition, all servicers will have the authority to approve and complete short sales that conform to the requirements without receiving individual approval from Fannie Mae.
 

Servicers will be permitted to approve a short sale for borrowers who have certain hardships but have not yet gone into default. Those hardships include: the death of a borrower or co-borrower, divorce or legal separation, Illness or disability or a distant employment transfer to provide relief to those underwater borrowers who need to relocate more than 50 miles for a job.

In addition, FNMA and FMAC are significantly reducing the documentation required to complete a short sale, including requiring no documentation of a borrower’s hardship 90 days or more delinquent and have a credit score lower than 620.  This will remove barriers for those homeowners who are most in danger of foreclosure and increase servicer efficiency in completing a short sale.

FNMA and FMAC will also limit subordinate-
lien payments to $6,000.  Previously, subordinate lien holders often attempted to negotiate higher payments. The servicer will be able to offer the maximum payment of $6,000 in order to facilitate the transaction. By setting a standard payout amount and a limit for every transaction, Fannie Mae and Freddie Mac are removing the guess work and standardizing the transaction to help accelerate the short sale process.

Contact me for all the information you’ll need to know about Nevada’s specific rules regarding deficiency judgements, deficiency waivers and the mortgage debt forgiveness act in effect from 2007 - 12-31-2014.

Dignified Alternative To Foreclosure Seminar...

Stopping Foreclosures One Home At A Time

A short sale offers more than the opportunity to strengthen your future financial stability. It offers peace of mind. The value of this foreclosure alternative is why I have taken the time to understand and master the short sale process.  You deserve a professional level of guidance and expertise in your situation.  I can offer extensive knowledge and access to updated information about foreclosure avoidance. I have made a commitment to helping as many homeowners as possible.

A short sale could make a huge difference in your financial future.  Don't delay, contact me right away!

Contact Us - Call 702-677-8796 Today!

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 Las Vegas Short Sale Specialist, Linda Strasberg

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