Saturday, May 19, 2012
   
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Benefits of a Short Sale Compared to a Foreclosure

Factor

Short Sale

Foreclosure

Effects on your Credit

The short sale will only affect your score by 30-50 points on average. The late payments are what cause your credit score to plummet. Each missed payment can lower your credit score by 30+ points. A short sale is a SALE and in many cases shows up on your credit report as lien satisfied or paid in full.

In the real world, unless you pay cash for everything, your credit score is the most important asset you have. Once a foreclosure damages your credit, usually to the tune of 200-300 points, it will take a long time to fix. A foreclosure is not a sale it is a REPOSSESSION, adversely affecting your credit for a minimum of five years and remains on your credit history for 7 to 10 years and on public record indefinitely.

Employment

Since a short sale shows up as a sale, it should not affect your present or future employment.

A foreclosure however can affect your employment. If your employer requires fiscal responsibility, your current or future employment may be in jeopardy. Currently, there are no laws protecting you from being terminated or discriminated due to your foreclosure.

Future Loan - Conventional

Since your credit has been damaged far less than it would have due to a foreclosure, the prospects of a conventional loan in the near future are much more obtainable through credit repair.

The standard loan application form 1003 requires you to disclose a foreclosure dated back for the last 7 years which will drastically affect the interest rate you will receive if you even qualify for a loan.

 

Future Loan - FHA

New FHA guidelines allow you to apply for a new FHA loan just 2 years after a short sale.

With a foreclosure on your record, you could be ineligible for a FHA loan for a minimum of 5 years. That is if you even qualify for a loan.

Deficiency Judgment

A short sale approval with no deficiency, and a paid in full status is an advanced negotiation technique a short sale expert can obtain

A lien holder can actively seek a deficiency judgment and garnish wages. Instead of “walking away” a foreclosure may be the beginning of greater problems

Security Clearance

Because you have shown initiative by keeping in constant contact with your lenders, you stand a far better chance of retaining your security clearance. It is also beneficial to let your chain of command know about your financial situation. This transparency will help during the reinvestigation of your security clearance.

If the (re)investigation shows a foreclosure it could cost you your security clearance.

 

 

Let's talk. We will answer any questions you may have about Florida loan modifications, Florida foreclosure mediation, south Florida short sales and Florida foreclosure help, and there is never any pressure. Call today for a Free, No Obligation Consultation.   If you need to sell your house in Broward: Hollywood, Miramar, Plantation, Cooper City and surrounding areas, including Hialeah, we can buy it.


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Testimonials

To whom it may concern:

When my husband and I came to realization that we could not afford to keep our home, we knew that it would not be easy to find an honest and hard working Realtor to help us avoid foreclosure. With the unstable economy, many agents left the real estate industry to find secure employment and those that stayed in the game were most likely overwhelmed with trying to figure out how to handle a short sale. So on top of losing our home, we needed an agent who was honest, experienced and most importantly, could get the job done!

To Whom It May Concern:

Shirley Wise and the girls at Belrose Properties did a great job for me with the short sale of my house. I was confused and did not know what to do. I was always very stressed and could not afford my house.

Shirley came and explained my options. I know the house was not worth what I paid so I decided to do a short sale. Shirley and her negotiators did not make any false promises to me. They did exactly what they said they would do...

To whom it may concern:

Shirley Wise and her team handled my short sale with the utmost professionalism. She was always willing to speak with me and answer any questions I had. She handled the sale very well and all sides were extremely happy. I have already recommended Shirley and her team to my family, friends, and coworkers.

Sincerely,
Loretta S

The realization of losing my house was devastating. I did not want a foreclosure so my friend/Realtor, Chelsie Antenor, helped me with the short sale. Belrose Properties did it all; from assisting the tenants on moving so the property can get sold to negotiating the short sale and getting me an approval from my mortgage company. Communication was frequent and effective. They held my hand every step of the way and made this a smooth and stress free process.

I can only say good things about Shirley Wise and her staff at Florida Properties and I will continue to refer them to anyone interested in selling their property.

Warm Regards,
Scott P

Knowledgeable, personable and upfront. There is no challenge to big or too small for these professionals, they go the extra mile.
I can honestly say that my experience with Shirley Wise at Belrose Properties is excellent. They know ALL T HE INS AND OUTS OF SHORT SALES. They are forever keeping themselves ahead of the curve. In my opinion, they are short sale "gurus" of South Florida. I have learned a lot from them. They have successfully negotiated one of my properties and are currently working on my others which, unfortunately, have gone "upside down."

I cannot begin to adequately express my deep appreciation and gratitude for all that Shirley Wise and her team did to help me through this grueling house-selling process.

Due to the downturn of the housing market, I found myself in foreclosure. With spikes in my homeowners insurance and property taxes, I knew I could not afford to keep my home any longer. I was devastated to know that the home I purchased for $475,000 significantly decreased in value within 2 years and was now worth $210,000...

To whom it may concern,

I am a very pleased client of Shirley Wise.

I am a retired Businessman, who due to a recent upheaval in the economy, found myself facing the devastating possibility of a foreclosure of my home. As the market values continued to erode, I found myself significantly underwater with my home formerly valued at $1.4 million and currently reduced to $800 thousand. My mortgage balance was for $840 thousand...

To Whom It May Concern:

I am writing this letter to share with everyone that Shirley Wise from Belrose Properties, LLC and her staff our the best in providing outstanding customer service. Their execution for timely short sales, professionalism and organization is truly amazing.

I would surely recommend Shirley Wise and her staff to anyone.

Sincerely,
Jose E
Sr. Loan officer
JPM Chase

Shirley Wise and the professional staff at Belrose Properties continue to set the standard for excellence in the residential real estate industry. They have mastered the art of negotiating short sales for their clients and have kept us really busy throughout the years.

I am fortunate and grateful that they have rendered Creative Title to handle their title insurance and closing needs. I give Shirley and the Belrose Properties team my strongest possible recommendation.

Sincerely,
Erica F
Creative Title Services

To whom it may concern,

I am writing this endorsement for my friend and colleague Shirley Wise as a token of my appreciation and esteem.

Shirley has proven to be a very ethical professional in the field of Real Estate and especially in Short Sales. Although this has been a difficult time for the industry, Shirley has managed to continue to thrive and provide her clients with the excellent short sale services they deserve.

After funding close to $1 million dollars in short sale and arm's length transactions with Shirley Wise, the thing that stands out about her remarkable skill set is her unique dedication to her work & her clients. Shirley provides unparalleled knowledge of the short sale market and her preparation is second to none. Her communication with her clients and the bank is exceptional. The short sale market is a very challenging endeavor for any Realtor. She has managed to streamline the process and educate her clients to the ins & outs of the entire transaction.

Having successfully closed several short sale deals as both a Realtor and investor, I'm familiar with all the nuances in the business. It's truly rare that I meet people with the knowledge and experience that Shirley Wise possesses. I have 100% confidence in her abilities to close short sales quickly, which is why I've been sending all of my referrals to her and will continue to do so.

Craig C
Social Media Edge, Inc

© Belrose Properties, LLC
14359 Miramar Pkwy
Miramar, FL 33027
(954)274-7823