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The following information is
Copyrighted by the Distressed Property Institute, LLC |
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Foreclosure |
Successful Short Sale |
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Remain as a public
record on a person's credit history for 10 or more years |
Not reported on a credit
history |
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Ineligible for a Fannie
Mae backed mortgage for a period of 5 years |
eligible for a Fannie
Mae backed mortgage after only 2 years |
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Ineligible for a Fannie
Mae Backed investment mortgage for 7 years |
Can be eligible for a
Fannie Mae backed investment mortgage after only 2 yrs |
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If a client is a police
officer, in the military, in the CIA, Security or any other position
that requires security clearance, the clearance may be revoked
and the position terminated |
Does not challenge most
security clearances |
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A foreclosures may be
grounds for reassignment or termination of current employment |
A Short sale is not
reported on a credit report and is not a challenge to employment |
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A foreclosure may
challenge future employment when a credit check is required |
A Short sale is not
reported on a credit report and is not a challenge to employment |
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in 100% of foreclosures
the bank has a right to pursue a deficiency judgment (except in
states where there is no deficiency) |
It is possible to
convince the lender to give up the right to pursue a deficiency
judgment against the homeowner |
