There are several compelling reasons for a short sale in favor of a foreclosure:

A foreclosure remains on your public record for at least 10 years.

Your lender may come after you for the deficiency in the foreclosure amount vs what was owed on the loan.

Employers run a credit check on current and prospective employees, your current or future job will be in jeopardy.

A foreclosed homeowner cannot receive a Fannie Mae backed mortgage for 5 years vs 2 years on a short sale.

Your credit score will be lowered more than 200 points in a foreclosure causing you to pay higher interest rates on credit cards, car loans and even effect being able to receive credit.

A Short Sale is a much better solution to a Foreclosure.

Call or Email me for a private consultation.

Our team can help you!

Peter Verzani
847-217-2776

I had a client call me today and explained to me that his home was in foreclosure, he missed four mortgage payments and wanted to know how he could get out of his house without a foreclosure on his credit. I advised him to consider a short sale, where the bank takes less than is owed on the home and forgives the balance. The short sales allows the home to be put on the market at no expense to the seller and all expenses are covered by the bank. In about 2 years if all other bills are paid on time the client is again eligible for a home loan and can buy another home. In a foreclosure that time is 5 to 7 years and stays on the credit history for at least 10 years. A much better solution to the problem.

Any thoughts or questions?

PeterV

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