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Foreclosure vs. Short Sale; Homeowner Consequences

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This presentation outlines the differences between foreclosures and short sales and the consequences for homeowners.

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Foreclosure vs. Short Sale; Homeowner Consequences

  1. 1. Confusion is Rampant
  2. 2. Clearly Outline the Differences
  3. 3. 1. Exiting the Home Public Notices vs. For Sale sign
  4. 4. 2. Length of Time +/-11 months vs. +/-6 months
  5. 5. 3. Deficiency Judgement Yes vs. No (maybe)
  6. 6. 4. Future Mortgage Wait 7 years vs. Wait 2 years
  7. 7. 5. Credit Score & History Negative Impact vs. Some Impact (maybe)
  8. 8. 6. Security Clearances Negative Impact vs. Almost Never
  9. 9. 7. Employment Possibly vs. Almost Never
  10. 10. 8. Paperwork E DUE OV R Ignore mail vs. Stacks and stacks
  11. 11. 9. Tax Relief Little impact (usually) vs. Forgiveness (for now)
  12. 12. 10. Neighborhood Impact
  13. 13. YOU ARE NOT AN ATTORNEY OR ACCOUNTANT

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