{"id":98,"date":"2010-06-30T12:39:13","date_gmt":"2010-06-30T20:39:13","guid":{"rendered":"http:\/\/www.jerrybice.com\/wordpress\/?p=98"},"modified":"2010-06-30T12:39:13","modified_gmt":"2010-06-30T20:39:13","slug":"short-sales-what-you-need-to-know","status":"publish","type":"post","link":"https:\/\/www.jerrybice.com\/wordpress\/short-sales-what-you-need-to-know\/","title":{"rendered":"Short Sales &#8211; What you Need to Know"},"content":{"rendered":"<p><!--more--><\/p>\n<table border=\"1\">\n<tbody>\n<tr>\n<td>Issue<\/td>\n<td>Foreclosure<\/td>\n<td>Successful Short Sale<\/td>\n<\/tr>\n<tr>\n<td>Future Fannie Mae Loan<br \/>\nPrimary Residence<br \/>\n(Effective May 21, 2008)<\/td>\n<td>A homeowner who loses a home to foreclosure in ineligible for a Fannie May backed mortgage for a period of 5 years.<\/td>\n<td>A homeowner who successfully negotiations and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.<\/td>\n<\/tr>\n<tr>\n<td>Future Fannie Mae Loan<br \/>\nNon Primary<br \/>\n(Effective May 21, 2008)<\/td>\n<td>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.<\/td>\n<td>An investor who successfully negotiations a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.<\/td>\n<\/tr>\n<tr>\n<td>Future Loan with any Mortgage Company<\/td>\n<td>On any future 1003 application, a prospective borrower will have to answer YES to question C in section VIII of the standard 1003<\/td>\n<td>There is no similar declaration or question regarding a short sale.<\/td>\n<\/tr>\n<tr>\n<td>Credit Score<\/td>\n<td>Score may be lowered anywhere from 250 to 300 points. Typically, this will affect a score for more than 3 years.<\/td>\n<td>Only late payments on a mortgage will show and an after sale mortgage will be reported as paid or negotiation. This will lower the score 50 points if all other payments are being made. A short sale&#8217;s effect can be as brief as 12 to 18 months.<\/td>\n<\/tr>\n<tr>\n<td>Credit History<\/td>\n<td>Foreclosure will remain as public record on a person&#8217;s credit history for at least 10 years.<\/td>\n<td>A short sale is not reported on credit history. There is no specific reporting item for a &#8220;short sale.&#8221; The loan is typically reported &#8220;paid in full\/settled.&#8221;<\/td>\n<\/tr>\n<tr>\n<td>Security Clearances<\/td>\n<td>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, or any other position that requires a security clearance, the clearance may be revoked.<\/td>\n<td>A short sale on its own does not challenge most security clearances.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[1217],"tags":[2225,2228,2247,2264,2274,2276],"_links":{"self":[{"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/posts\/98"}],"collection":[{"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/comments?post=98"}],"version-history":[{"count":0,"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/posts\/98\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/media?parent=98"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/categories?post=98"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.jerrybice.com\/wordpress\/wp-json\/wp\/v2\/tags?post=98"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}