David Tyler Mills
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One bedroom furnished condo with pull out sofa bed in addition to a queen bed in a private bedroom, stack washer/dryer, dishwasher, stove, microwave and all linens, plates, dishes etc. included. Television in bedroom and flat screen provided in living area. Guests have access to outdoor pool while in season. Basic cable is provided.
1 in 6 homeowners are more than 30 days behind on their mortgage! There are options for these people other than Foreclosure and Bankruptcy.
For more information go to www.localhomesaver.com
CNN) -- Two fugitives who were believed to have been heading for the northwestern United States or Canada may have been spotted in Arkansas Wednesday, the U.S. Marshals Service said... Continue reading here.
823 Durham Place Bentonville, AR 2 bdrn 1.5 bath condo in the heart of bentonville featuring wood floors, ceramic tile, and built-in oven. Seller will also consider leasing. Call the McNaughton team today to schedule your private showing 479.442.9099
BACK TO SCHOOL TIPS
As the summer draws to an end for most school aged children, I am reminded of one thing… my mother. During an age when information wasn’t at her fingertips, she always found a way to make my first day back to school a fun and exciting time.
In order to help your child make a smooth reentry to school, check out this website . Here you will find tips on back-to-school topics ranging from what to expect on the first day of school, to dealing with back-to-school anxiety, and adjusting to a new teacher. You'll also find must-know information for parents on homework, school subjects, and helping your kids improve their skills. Give your kids a strong start this back-to-school season, and keep them on track all year long!
The Razorback Football Team Starts Practice This Week!!!!!
Starting August 5th, you catch a sneak peak of the 2010 Razorback football team as they start fall practice! For the complete practice schedule click here.
First Federal Bank Robbery
There’s nothing like your second week on the job and finding a police man standing outside the door of your office with a loaded M16. Check out the complete story at http://www.fayettevilleflyer.com/2010/07/29/robbery-at-first-federal-bank-on-college-ave/
Foreclosure vs. Short Sale
It’s good to know what your options are… But do you know the consequences?
|
Issue |
Foreclosure |
Successful Short Sale |
|
Future Fannie Mae Loan – Primary Residence |
A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 3 years |
A homeowner who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae Backed mortgage after only 2 years |
|
Future Fannie Mae Loan – Non Primary |
An investor who allows a property to go to Foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years |
An investor who successfully negotiates and closes a Short Sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years |
|
Future Loan with a Mortgage Company |
On any future 1003 application, a prospective borrower will have to answer YES to “Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” This will affect future rates. |
There is no similar declaration or question regarding a Short Sale |
|
Credit Score |
Score may be lowered anywhere from 250 to over 300 points. Typically will affect score for over 3 years |
Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A Short Sale’s effect can be as brief as 12 to 18 months. |
|
Credit History |
Foreclosure will remain as a public record on a person’s credit history for 7 years or more |
Short Sale is not reported on a credit history. There is no specific reporting item for “Short Sale”. The loan is typically reported “paid in full, settled”. |
|
Security Clearances |
Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a Foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance in most cases clearance will be revoked and the position will be terminated. |
A Short Sale on its own does not challenge most security clearances |
|
Current Employment |
Employers have the right and are actively checking the credit regularly of all employees who are in sensitive positions. A Foreclosure may be grounds for immediate reassignment or termination |
A Short Sale is not reported on a credit report and is therefore not a challenge to employment |
|
Future Employment |
Many employers are requiring credit checks on all job applicants. A Foreclosure is one of the most detrimental credit items an applicant can have and can challenge employment |
A Short Sale is not reported on a credit report and is therefore not a challenge to employment. |
|
Deficiency Judgment |
In many states, depending on the kind of loan, the bank has the right to pursue a deficiency judgment |
Depending on the type of loan some lenders who accept a Short Sale may be able to pursue a borrower for a deficiency judgment. In many successful Short Sales it is possible to convince the lender to give up this right as part of the Short Sale |
|
Deficiency Judgment (amount) |
In a Foreclosure the home will have to go through an REO process if it does not sell at auction. In most cases this will result in a lower sale price and longer time to sell in a declining market. This will result in a higher possible deficiency judgment |
In a properly managed Short Sale the home is sold at a price that should be close to market value and in most all cases will be better than an REO Sale resulting in a lower deficiency |
If you or someone you know is going through a financial hardship and need someone on YOUR side, keep in mind... Help is a phone call away! For your private consoltation please call your local Certified Distressed Property Expert at 479-442-9099. We are always here to help.
●NOTE: I am not licensed as an attorney or CPA, and this information is in no way advice on the consequences, legalities and/or tax ramifications of a short sale.
The Next Heavyweights in The Housing Market
The largest generations of young people since the ‘60s are beginning to come of age. They’re called “echo boomers”. Echo boomers were born roughly between 1977 and 1995. There are approximately 76 million echo boomers between the ages of 15 & 28. In 2009 their spending habits exceeded $192 billion. As you wrap your head around those figures, think about the impact that this generation is going to have on the housing market in the coming years.
According to current U.S. Census, 67.2 percent of this generation can be expected to become homeowners by their mid 30s. Considering that builders are currently developing about 500,000 housing units a year, and within the next 5-7 years echo boomers will have purchased 35.5 million homes, one can quickly surmise that in the foreseeable future we are going to have a housing shortage!
Displaying blog entries 71-80 of 206
