foreclosure vs. short sale; homeowner consequences
DESCRIPTION
This presentation outlines the differences between foreclosures and short sales and the consequences for homeowners.TRANSCRIPT
Confusion is Rampant
Clearly Outline the Differences
1. Exiting the Home
Public Notices vs. For Sale sign
2. Length of Time
+/-11 months vs. +/-6 months
3. Deficiency Judgement
Yes vs. No (maybe)
4. Future Mortgage
Wait 7 years vs. Wait 2 years
5. Credit Score & History
Negative Impact vs. Some Impact (maybe)
6. Security Clearances
Negative Impact vs. Almost Never
7. Employment
Possibly vs. Almost Never
8. Paperwork
Ignore mail vs. Stacks and stacks
OVERDUE
9. Tax Relief
Little impact (usually) vs. Forgiveness (for now)
10. Neighborhood Impact
YOU ARE NOT ANATTORNEY ORACCOUNTANT