Short Sale vs. Foreclosure: Who Wins?

by qinfokusuma 6. July 2012 15:06

One of the most frequent questions we’re asked is if a short sale has the same effect on a consumer’s future credit as a foreclosure. The answer is…ABSOLUTELY NOT!

When it comes to credit reporting, a short sale will most likely have a much less catastrophic effect than a foreclosure. As of right now, short sales are not listed as “short sale” on your credit report, but as paid as agreed, paid as negotiated, or paid for less than the original amount.

Also, If you are considered current with a short sale, you still have the ability to apply for an FHA loan, while having a foreclosure on your credit report stays there for a mandated 7 years. Not to mention, with a foreclosure, you must go through months of delinquency notices and in many cases a court appearance, which is also reported on your credit report.

If you’d like to learn more about the misconceptions of short sales, check out our FREE report, The Seven Most Dangerous Short Sale Myths by clicking here!

 

Foreclosures spike 9% in May

by qinfokusuma 21. June 2012 16:17

Foreclosure filings in May spiked 9% compared with a month earlier, according to an industry group.

RealtyTrac reported that 205,990 U.S. properties received filings last month, including default notices, scheduled auctions and bank repossessions, marking the first monthly increase since January.

Bank repossessions climbed steeply, up 7% to 54,844, after hitting a four-year low in April.

The industry had anticipated that there would be a new wave of foreclosures once the industry resolved the "robo-signing" issues, which came to light in late 2010. A settlement was finalized last April.

CLICK HERE FOR ORIGINAL SOURCE LINK  - CNNMoney Les Christie June 14, 2012

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Short Sale vs. Foreclosure

by qinfokusuma 12. June 2012 11:43

We go over the key differences between short sale and foreclosure in today's real estate market.

Rudy L. Kusuma hold the Certified Distressed Property Expert (CDPE) designation are trained to help homeowners navigate alternatives to foreclosure, and can provide answers to the many questions surrounding America's foreclosure crisis. Call Rudy 626-780-2221  - to learn more, go to www.MyHouseSaved.com

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