Are You Facing Foreclosure?

If you are facing foreclosure, I want you to know you have options.  If you can prove a hardship such as loss of a job or illness you may qualify for a short sale.  A foreclosure is more damaging than one may think.  We all know it has profound effects on your credit (250 to 300 points), but did you know if you lose your home to a foreclosure that you are ineligible for a Fannie Mae backed mortgage for 5 years?  You will have to answer “yes” when asked by a future mortgage company if you have had a property foreclosed upon in the last 7 years.  A foreclosure will remain as a public record on your credit history for 10 years or more.  Current and future employers will typically check an employee’s credit history and if a foreclosure if found, they can terminate employment or choose not to hire you.  These are just a few of the several negative effects a foreclosure can have on a person.  Homeowners who are behind on their mortgage payments and facing foreclosure need to know they have options.  Hillsborough and Pasco county’s foreclosure today are well over 15,000 so far year to date.  If these homeowner’s had reached out to a Realtor, they could have saved themselves from the negative effects of foreclosing on their homes mentioned above.  There is alot of information on the internet and in the newspapers these days describing the short sale process so it is imperative for at-risk homeowners to do their homework and learn everything they can about a short sale.  The benefits of a short sale versus foreclosing is worth a couple of hours of a person’s time.  If a short sale is successfully negotiated, you will be eligible for a Fannie Mae backed mortgage after only 2 years as opposed to 5 years.  The huge benefit of a short sale is it saves your credit.  You will only be assessed 50 points as only late payments will show.  A short sale is not reported on your credit history so current and potential employers will never know.  The benefits of a short sale are profound and homeowner’s in default must take the time to understand the short sale process in order to save themselves years of bad credit.

If you are behind on your payments, please contact me today at info@buytampafl.com or 813-841-2000.  I CAN HELP.

Looking for a new home?  Go to www.buytampafl.com for a list of all available homes in the Tampa/St. Petersburg area.

Tags: Fannie Mae, foreclosure, Hillsborough, Pasco, pre foreclosure, short sale, Tampa Real Estate