Short Sales In Baltimore With SparXinvestments
With the real estate market declining, some of the homeowners can find it extremely difficult to sell off their properties. In case you happen to be over leveraged, then you might just want to walk away, but this will not be good for you. In case your home has to go through a foreclosure, then you can suffer some serious consequences.
However, do not be scared if you are going through this because with SparXinvestments, you have more options than you might think. We happen to be experts when it comes to negotiating debt with the banks and in most of the instances, we can even buy your property from you directly so that you do not have to go through a foreclosure.
If you have been struggling with mortgage payments, have been unsuccessful at selling your home, or owe more than your home’s worth, then you should know that you are not alone in this struggle. Rather than giving up, you should look into short sales in Baltimore. This will give you an opportunity to save your credit as well as rid yourself of the huge debt that you have been affected with.
If you wish to go with a short sale to sell your property, then we, at SparXinvestments, will negotiate a deal with the bank and might even place an offer for buying your property, thus saving your time.
Effects And Their Results With A Short Sale And A Foreclosure
Effect: Ability to purchase another home
Short Sale: From 2008 of May, upon the success of your home’s short sale, your eligibility for getting a mortgage backed by Fannie Mae will increase after just two years.
Foreclosure: From 2008 of May, if your property undergoes a foreclosure, you will not be entitled to a mortgage backed by Fannie Mae for four years.
Effect: Ability to purchase a second home or investment properties
Short Sale: You will have to wait two years before being eligible for a mortgage backed by Fannie Mae.
Foreclosure: This will be the same as the foreclosure for the above. However, you will not be considered for an investment mortgage by Fanny May for the next seven years.
Effect: Obtain conventional Financing
Short Sale: While this is a new territory and there is no definite answer for this by most of the major lenders, most people have a feeling that the effect will not be as bad as that in a foreclosure.
Foreclosure: In case you even get approved for a conventional loan, chances are that you will have to pay an interest rate that is much higher.
Effect: On the credit score
Short Sale: In this, the credit report will only be showing late mortgage payments and your credit score has a chance of going down by only 50 points.
Foreclosure: In this case, your credit score can go down by as much as 225 to 350 points. This will remain for the next 10 years.
Effect: On credit history
Short Sale: This will not have any substantial effect and nor will it appear on your history.
Foreclosure: This will be on your report for the next 10 years along with being on public records.
Effect: My need for my job’s security clearance
Short Sale: With this, there should be no effect on a new security clearance application.
Foreclosure: A foreclosure intensely affects a security clearance.
Effect: My current employment
Short Sale: This will not be reported on the credit report and thus should not have any effect on the employment.
Foreclosure: A foreclosure can have a major impact on your position within a company.
Effect: On future employment
Short Sale: Most of the employers will be checking the credit report before they hire you. However, a short sale will not be reported and hence you will not have any issues.
Foreclosure: A credit check might be required by most of the employers for the initial screening process. A foreclosure can thus be detrimental.
Effect: On deficiency judgment
Short Sale: Most of the short sale negotiators aim that the debt be fully paid.
Foreclosure: Most of the banks in the country will seek a complete deficiency judgment against any foreclosed borrower.
Effect: On any deficiency judgment amount
Short Sale: It is most likely that the deficiency judgment will be lower than the foreclosure, even if short sale is at lower wholesale price.
Foreclosure: You might end up owing more if a foreclosed home does not end up selling at auction.
You can get in touch with us at SparXinvestments in case you want to benefit from pleasant, efficient, and quick short sales in Baltimore.
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