530-224-6724 phone 530-339-0180 direct

CREDIT CONSIDERATIONS ON FORECLOSURE VS. SHORT SALE

FORECLOSURE:

   * late payments reported

   * default on the loan payments reported*

   * foreclosure record reported*

   * FICO score lowered    * credit impact on file up to 7 - 10 years*

* possibility of having to worry about DEFECIENCY JUDGEMENT after 4 to 7 years*

*PRIMARY RESIDENCE WILL QUALIFY FOR HAFA PROGRAM - DEBT FORGIVENESS*

SHORT SALE:

   * shows as "failure to pay" or "charge off"

   * FICO score impacted not as bad as FORECLOSURE AND BANKRUPTCY

   * stays on record for two years, then diminishes, depending on every individual's situation*

   * can likely repair after 2 years and will be able to buy again depending on other financial circumstances*

*credit reported as settled account with help in some cases*

*** ASK FOR HAFA SHORT SALE OR COOPERATIVE SHORT SALE RELOCATION ASSISTANCE INCENTIVES AND DEBT FORGIVENESS***

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