352-408-3868
This site is maintained by Deborah Elliott a State of Florida licensed Real Estate agent and Realtor located and working in the Central Florida
area.  A member of the Realtors Association of Lake and Sumter Counties and employed by Charles Rutenberg Realty one of the largest Real
Estate firms in the Central Florida area.   Click here to visit and search our company website.   
HOW TO AVOID FORECLOSURE
If you have contacted your lender and attempted a loan modification with less than
satisfactory results you still have options.

There is filing Bankruptcy.  In a Bankruptcy you would still have to pay for your home AND
attorney fees. Since you already tried to modify your loan, that may not be a workable option.
Please consult an attorney regarding your personal situation.

You may attempt to sell the property and close the loan.  This would keep a foreclosure from
occurring.  Unfortunately many people owe far more on their homes than the current market
value. To make that happen you would need to bring the difference to the closing table.

That brings us to the SHORT SALE. In a short sale the mortgage holder agrees to accept the
current market value for the home.
This site is maintained by Deborah Elliott a State of Florida licensed Real Estate agent and Realtor located and working in the Central Florida
area.  A member of the Realtors Association of Lake and Sumter Counties and employed by Charles Rutenberg Realty one of the largest Real
Estate firms in the Central Florida area.   Click here to visit and search our company website.   
If you have an interest in selling please call or email me  for more information.

Deborah Elliott 352-408-3868 / A1LandLady@Gmail.com
Losing your home to foreclosure will make you ineligible  
for a  Fannie Mae backed mortgage for a period of 5
years.
 A Successfully negotiated and closed Short Sale allows
Homeowners to be eligible for a Fannie Mae backed
mortgage after only 2 years
An Investor who allows a property to go to Foreclosure
is ineligible for a Fannie Mae backed mortgage for 7
years
 A Successfully negotiated and closed Short Sale allows
Investor to be eligible for a Fannie Mae backed
mortgage after only 2 years
Next time you apply for a mortgage you will have to
answer YES to question C in Section VIII of the standard
1003 form. "Have you had a property foreclosed upon or
given title or deed in lieu thereof in the last 7 years?"
This will greatly affect your  future mortgage rates.
 There are no similar questions or declarations regarding
a Short Sale.
With Foreclosure your Credit score may be lowered
anywhere from 250 points to more than 300 points. This
will likely affect your credit score for over 3 years which
then may affect the offered credit rate on all future credit
purchases. within that time-frame
 In a Successfully negotiated and closed Short Sale only
the late payments show on your credit report. After the
sale, mortgage is normally reported as, "paid as
agreed", "paid as negotiated" or "settled", it is now a
closed account. This may lower your credit score by as
little as 50 points if you are current on all other debts. A
Short Sale's effect or your credit can be as brief as 12
months.
A Foreclosure will remain in Public Record forever and
on your credit history for 10 years
 A Short Sale is not reported on a credit history.  The
account is closed.
A Foreclosure on your record may affect your current
employment, employment advancement or future
employment and / or Security clearance as so many
employers require credit checks.
 A closed Short Sale is  a closed account.
In Foreclosure the bank has the right to pursue and
obtain a deficiency JUDGEMENT and continue
collection activity or sale your debt to another party.
 In a Successful Short Sale it is possible to convince the
lender to release and give up the right to pursue a
deficiency judgement
In a foreclosure, the property will go through the REO
process if it does not sell at auction. This usually results
in a lower sales price and therefore a possibly higher
Deficiency Judgement.
 In a properly managed Short Sale the home is sold at or
close to the current market value and accepted by the
lender resulting in either a reduced or no deficiency
payoff.
Are you considering a Short Sale?
If so call me 352-408-3868.
There are no costs to you the Seller.
All commissions, Closing costs, Past
Due HOA fees and other
miscellaneous fees are paid by the
Mortgage company.  
Do NOT give up your Rights.
Although you may be in Foreclosure - this is
still your house and you are still in control.
Do NOT walk away.
FORECLOSURE VS. SHORT SALE
MUST-SEE-HOMES.COM