If you are a homeowner that is in danger of losing your home, there are ways of getting out of your situation without too much damage.  Selling your home as a short sale may be one way to get out of a bad situation.  As a short sale, you can sell your property for less than what you owe on your home or property if you can show that you're having trouble making your payments.  Our office specializes in short sales, so we have the necessary forms to help you get started and are accustomed to dealing with these banks.

Because credit is so important these days to obtain financing, it is important to understand how a short sale would affect your credit vs. foreclosure.  What are some of the differences?

Foreclosure: Primary Home- Ineligible for a Fannie Mae backed mortgage for 5 years (Investor or Non-primary  home 7 years)
Short Sale:    Primary Home- Ineligible for a Fannie Mae backed mortgage for only 2 years. (Investor or Non-primary home 2 years)

Foreclosure:  Credit Score lowered from 250-300 points for typically a 3 year period.
Short Sale:     Credit Score lowered as little as 50 Points and can be as brief as 12 to 18 months.

Foreclosure:  Will remain on your Credit History for up to 10 years or more.
Short Sale:     A short sale is not reported on your Credit History.  The loan will be marked as 'paid in full' or 'settled'.

If you are a homeowner in need, we can help.  Call us today at (843)655-5777 or email me at DerekHeppe@DerekHeppe.com.