Mesa, AZ (PRWEB) September eight, 2010
Victor De Stefano, Associate Broker, with Keller Williams sold his first residence when he was 18 yrs. old as a Realtor. Now, as an Associate Broker, hes operating to support families get out from underneath their house and stay away from foreclosure. Uncover your self dealing with the difficult occasions, behind on payments and a loan modification is not achievable understand about Short Sales. Ask yourself this, do you want to own your property again one day? The variations in between a Foreclosure and a Short Sale are huge adequate for consideration. A short sale will give you the appropriate start on owning a residence again.

Victor and his team provide Arizona residents with quick sale vs. foreclosure workshops they are Certified Distressed Property Specialists with more than 100 years combined expertise. The objective of these totally free, no obligation events is to assist educate residents on the influence of quick sales & foreclosures on all of us. These workshops assist explain the differences in between brief sales and foreclosures, the legal and tax ramifications of each and every, and how to stay away from the scams. There is a brief question and answer session at the end with the Lawyer and CPA. These events promise to be extremely informative and valuable. These workshops are for everyone, not just these in pre-foreclosure. Foreclosures in our neighborhoods have an effect on every person by decreasing property values and adding an elevated risk of vandalism and more. If you or someone you know is facing feasible foreclosure you will be capable to share with them the details from these workshops and maybe aid them and the worth of the neighborhood. To uncover out when & exactly where the subsequent workshop is held get in touch with Victor for much more data.

The quick sale details beneath is just the tip of the iceberg thats supplied. Right here are some variations amongst a short sale and foreclosure in distinct situations.

Future Fannie Mae Loan – Primary Residence

Foreclosure – A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of five years.

Quick Sale – A homeowner who successfully negotiates and closes a brief sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

Future Fannie Mae Loan – Non Main

Foreclosure – An Investor who permits a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years.

Brief Sale – An investor who effectively negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage soon after only two years.

Future Loan with any Mortgage Firm

Foreclosure – On any future 1003 application, a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks ‘Have you had property foreclosed upon or offered title or deed in lieu thereof in the final 7 years?” this will affect future rates.

Short Sale – There is no comparable declaration or query with regards to a short sale.

Credit Score

Foreclosure – Score might be lowered anywhere from 250 to more than 300 points. Generally will have an effect on score for over 3 years.

Short Sale – Only late payments on a mortgage will show and after sale mortgage will be reported as paid or negotiated. This will decrease the score as tiny as 50 points if all other payments are being produced. A short sale’s have an effect on can be a short as 12 – 18 months.

Credit History

Foreclosure – Foreclosure will remain as a public record on a person’s credit history for 10 years or a lot more.

Quick Sale – Quick Sale is not reported on a credit history. There is no specific reporting item for ‘short sale.’ The loan is generally reported ‘paid in complete, settled.’

Future Employment

Foreclosure – Many employers are requiring credit checks on all job applicants. A foreclosure is one particular of the most detrimental credit things an applicant can have and in most cases will challenge employment.

Quick Sale – is not reported on a credit report and is therefore not a challenge to employment.

Safety Clearances

Foreclosure – is the most challenging concern against a security clearance outside of a conviction of a serious misdemeanor of felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Safety, or any other position that calls for a security clearance in almost all instances clearance will be revoked and position will be terminated.

Quick Sale – A Quick Sale on its own does not challenge most safety clearances.

Victor and his group helps people quick sale their property just before, throughout, and even after the transaction. Victor understands the troubles. As Certified Distressed Property Experts they have full time coordinators that operate with the lenders on your behalf throughout the approach. When it appears many people just want to sell your house and neglect about you, theres hope! He built his organization on assisting men and women. In a quick sale you incur none of the closing costs or commissions, the bank pays all of those charges & residences are usually sold as/is. Relocating Help is offered with a totally free moving truck with in Arizona and utility transfer assistance. The objective is to make this transition straightforward and anxiety cost-free. This globe class service does not just cease there. Victor also will supply the resources and contacts to guide you back on track with rebuilding your credit and back on the path to homeownership.

Inquiries and private consultations with Victor are usually welcome.

Victor De Stefano
480-580-4150
http://www.BrokerVictor.com

###