Short Sale Versus Foreclosure - Costa Mesa Short Sale FAQs

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Real Estate Agent with Donovan Blatt Realty 01267479

Short Sale Versus Foreclosure - Costa Mesa Short Sale FAQs

 

If you are facing foreclosure, you may be trying to decide whether you should try to do a short sale on your Costa Mesa home or just allow it to go to foreclosure.

As you are making this decision, it is important to understand what the differences are between the two and what the results might be for each.  

  • Future Home Purchase

- The time frame to be able to purchase is typically significantly less with a short sale than foreclosure.

- On a Fannie Mae loan it coule mean the difference between 2 and 7 years.

- On a loan application, one of the questions is have you had a foreclosure in the last 7 years. There is no question about a short sale.

  • Credit History

- A foreclosure remains on the public record for 7 years.

- There is no public record for a short sale.

  • Credit Score

- Typically the effects of the short sale last for a shorter period of time than those of a foreclosure.

  • Future Employers

- Many potential employers run credit, and short sales don't show up, unlike foreclosures, on credit.

  • Security Clearance

- Foreclosures can be an issue for many security clearances thought the same is generally not true with a short sale.

  • Deficiency Judgments

- A lender may obtain a deficiency judgment on a foreclosure.

- Under California law, under most circumstances a short sale lender cannot pursue a deficiency.

If you would like a free, confidential consultation about your individual circumstances, please contact Christine Donovan at 714-319-9751 to schedule one today.

More Costa Mesa Short Sale FAQs:

What is a Short Sale?

What are My Alternatives to a Short Sale?

Do I Qualify for a Short Sale?

Will BofA Give Me $30,000 to Short Sale My House?

How Much Will it Cost Me to Short Sale My Costa Mesa Home?

Short Sale Vs. Foreclosure

Can I Short Sale My Home if I'm in Bankruptcy?

Can I Do a Costa Mesa Short Sale if My House is Rented?

Where Will I Go After I Do a Costa Mesa Short Sale?

Will I Be Able to Buy Again after I Do a Costa Mesa Short Sale?

 

 

Originally posted at: Short Sale vs. Foreclosure

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About the author: Christine Donovan is a California Residential Real Estate Broker with experience in assisting clients buy and sell residential real estate.

Are you upside down in your home? Is it worth less than you owe? Are you concerned about making your mortgage payment? For more information see Options to Foreclosures, understanding short sales or contact me at christine@donovanblatt.com to discuss your options.

If you want to buy a home or to list your property for sale, please click Newport Beach homes, Costa Mesa homes, Huntington Beach homes or Orange County homes.  Click the link if you are interested in buying a home at a courthouse auction sale.

Contact me at christine@donovanblatt.com or 714-319-9751 to learn about her system which will make your buying and selling experience easier.

Disclaimer: All information in this blog is deemed reliable but is subject to change at any time and is not guaranteed to be accurate nor are there any warantees either express or implied. This blog is not intended to offer any legal, tax or other advice.

Click Orange County homes for sale to view all OC homes for sale.

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