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This handy chart provides an overview of the different consequences of a short sale and a foreclosure. Note that foreclosure laws and policies are always changing and laws do vary from state to state.
This handy chart provides an overview of the different consequences of a short sale and a foreclosure. Note that foreclosure laws and policies are always changing and laws do vary from state to state.
Copyright:
Attribution Non-Commercial (BY-NC)
Formati disponibili
Scarica in formato PDF, TXT o leggi online su Scribd
This handy chart provides an overview of the different consequences of a short sale and a foreclosure. Note that foreclosure laws and policies are always changing and laws do vary from state to state.
Copyright:
Attribution Non-Commercial (BY-NC)
Formati disponibili
Scarica in formato PDF, TXT o leggi online su Scribd
Future
Ability
to
Purchase
On
future
1003
applications,
There
is
no
question
on
the
a
borrower
would
be
1003
application
with
required
to
answer
yes
to
the
regard
to
short
sales.
question,
“Have
you
had
a
property
foreclosed
upon
or
given
title
or
deed-‐in-‐lieu
thereof
in
the
last
7
years?”
The
yes
response
may
impact
future
interest
rates
and
ability
to
borrow.
Impact
on
Credit
Score
Scores
can
drop
from
250
to
Only
late
payments
will
300
points.
impact
the
credit
score.
After
the
short
sale
is
completed,
mortgage
may
be
reported
as
‘paid
as
agreed,’
‘paid
as
negotiated,’
or
‘settled.’
This
can
lower
the
score
as
little
as
50
points.
A
short
sale’s
effect
on
the
credit
can
be
as
short
term
as
twelve
to
eighteen
months.
Impact
on
Credit
History
Foreclosure
remains
on
the
A
short
sale
is
noted
credit
history
for
seven
specifically
on
the
credit
years.
report.
Closed
short
sales
would
appear
as
‘paid
as
negotiated’
or
‘settled’
or
‘paid
as
agreed.’
Security
Clearance
Foreclosure
has
a
serious
Since
short
sales
are
not
impact
on
an
individual’s
specifically
noted
on
credit,
security
clearance
and
can
they
are
not
reported
to
result
in
revocation
of
impact
security
clearance.
clearance
in
some
cases.
Deficiency
Judgment
In
foreclosures
(except
in
In
a
successfully
negotiated
states
with
anti-‐
deficiency
short
sale,
the
bank
may
laws),
the
bank
can
pursue
a
waive
the
right
to
pursue
deficiency
judgment.
deficiency.
Current
Employment
Employers
can
actively
A
short
sale
is
not
reported
check
credit
for
employees
on
credit
and,
as
such,
will
with
sensitive
positions.
not
challenge
employment.
Depending
upon
company
policies,
a
foreclosure
could
have
an
impact.
Future
Employment
Many
employers
require
A
short
sale
is
not
reported
credit
checks
for
all
on
credit
and,
as
such,
will
applicants.
A
foreclosure
on
not
challenge
employment.
the
credit
history
could
be
detrimental
to
a
job
search.