| Short
Sale Information
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The
short sale process is highly specialized.
It's important to have experienced agents negotiating
on your behalf...
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| The
Ulnicks have a 100% success rate with short sale approval.
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| If
you are considering a short sale, please feel free to contact
The Ulnicks for a confidential consultation. |
Benefits
of a Short Sale vs. Foreclosure |
Credit
Score |
Will
minimally affect your credit score, usually around 50 points.
Late payments usually have the largest negative impact on
your credit score from a short sale and can average 30 points
or more each. |
Your
credit score could be lowered 300 points and will stay on
your record for 10 years! |
Credit
History |
There
is not a credit reporting item for a short sale. Your mortgage
company will report the short sale as ‘Paid', ‘Settled
in full', or ‘Paid as Negotiated' |
Foreclosure
will remain on your credit for 10 years and is permanent
in the public records of your county. |
Current
Employment |
A
short sale is not an actual item on your credit report and
typically will NOT affect your employment. |
Your
employer has the right and many times will actively check
your credit if you are in sensitive positions. A foreclosure
may be grounds for immediate re-assignment or termination. |
Future
Employment |
A
short sale is not an actual item on your credit report and
typically will NOT affect future employment. |
Employers
do check your credit history for many job applicants. A
foreclosure one of the most negative items you can have
on your credit and may affect future employment. |
Future
Loan with a Mortgage Company |
You
typically do not have to declare to future mortgage companies
that you previously performed a short sale. |
On
federally mandated standard loan app. Form 1003 you will
be required to answer ‘YES' to the question ‘Have
you had property foreclosed upon in the past 7 years?' Answering
‘yes' affects the interest rate you will receive. |
Future
Fannie Mae Loan – Primary Residence |
After
a successful short sale you can be eligible for a Fannie
Mae backed loan after only 2 years |
After
a foreclosure you will be ineligible for a Fannie Mae backed
loan for a minimum of 5 years |
Future
Fannie Mar Loan – Non-Primary |
After
a successful short sale you can be eligible for a Fannie
Mae backed loan after only 2 years on non-primary residences |
You
will be ineligible for Fannie Mae backed investment loan
for minimum of 7 years |
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