Short
Sales Maryland



The Differences are very clear.. .
Should you do a short sale or just let them foreclose on your property?
It's
your choice:


cellspacing="2">

The
"Issues"
Foreclosure Short
Sale
How
will this affect my credit?
Your
financing will be severely limited and very expensive for the next 5 -7
years for foreclosure or a deed in lieu of foreclosure
.
If
you had an approved short sale the time needed to purchase again goes
down to 2-3 years and without the strict lending requirements that a
foreclosure required, such as a minimum FICO of 680.

Tip:
Having housing is a fate everyone eventually faces. You have to pay to
live somewhere anyway. Renting temporarily while your credit
recuperates is ok. .but for those willing to look into buying their own
house in a couple or so years. . the rewards can be significant because
you will be buying your new home at more realistic prices and not
inflated and puffed up by a greedy lender.

cellspacing="2">

The
"Issue"
Foreclosure Short
Sale
Non-Primary
Residence (for Investors only)
Any
investor that allows a property go in foreclosure will be ineligible
for a FANNIE MAE backed investment mortgage for a period of at least 7
years
Any
Investor that successfully negotiates a short sale can obtain a FANNIE
MAE backed loan as early as 2 years.

Tip:Having
a bad investment should not be the end of the world.. .but ignoring the
problem and getting stuck with a negative equity month after month can
be the kiss of death for many investors. If you qualify with a
hardship, you should consider doing a short sale even if you have to
pay taxes of the shorted amount. . .it could be end up being
considerably less than ignoring the problem and bleeding to death.

cellspacing="2">

The
"Issue"
Foreclosure Short
Sale
Future
(any) 1003 Standard Loan Application
Future
1003 Application, any prospective applicant will have to answer YES to
the question that asks on section VIII
"Have you had a property foreclosed upon, given tittle or deed in lieu
of foreclosure thereof?"
There
is no similar question or declaration for short sales.


Tip:
Typically when you apply for a mortgage, you'll be asked to complete a
Uniform Residential Loan Application. (1003) This standard residential
mortgage loan application is a four-page document that asks in-depth
questions about you, your income, your assets and liabilities, and your
credit as well as a description of the property. You should try and
avoid at all costs having to say YES to the question about
foreclosures. You can do a short sale now.. or pay higher interests and
higher monthly payments than everyone else for years to come.

cellspacing="2">

The
"Issue"
Foreclosure Short
Sale
Security
Clearance and/or any future employment with the United States Government
Most
employers have the right to check ask for the credit reports of all
it's employees.
Outside of a conviction or a misdemeanor or a felony, a foreclosure
will cause your clearance to be revoked and in some cases your position
will be terminated.
If you are a police officer, Government employee, security officer or
any position that will require you to have a security clearance.. .this
is bad news for you
There
is no short sale reported to your credit and therefore does not
challenge your employment.

Tip:
Many people think that they can go to a company or agency and apply for
their own security clearance. This is far from the truth. Only the
federal government can grant someone a security clearance, and to get
one the applicant must work for a government agency or contractor and
conduct business that justifies granting him or her access to highly
sensitive information.

cellspacing="2">

The
"Issue"
Foreclosure Short
Sale
Facing
"The Deficiency Judgment "
A
deficiency judgment is the difference of what the property sells for
(plus expenses) and what you signed in the original loan.
The bank has the right to pursue a deficiency judgment against you
In
a successfully short sale negotiation , a deficiency judgment can be
removed when the Lender approves the short sale.

Tip:
In Maryland, a lender has up to three (3) years to pursue a deficiency
judgment against the homeowner.

To find out more if a short sale is an option for you:


(Click on the Image to Read our Ebook )
"Is a Short Sale an Option for You?"

"Need
immediate help? call 240-426-5754"




?????????????????????????????????????
What
is the difference between a short
sale
and a foreclosure?
In a short sale,
you sell your home
In a foreclosure.
. you lose it
???????????????????????????????????????????

href="http://reallynicehomes.com/short-sales/">Short
Sales Maryland
/ Virginia
Realtors Experience doing short sales and helping to solve the
href="http://www.herboso.com">Foreclosure

Crisis one client at a time