You can check my blog http://bayareashortsalespecialist.com/?p=103 where I have mentioned about foreclosure vs short sale.

Blaison Samuel
Certified Short Sale Specialist

Dear Vickie,

I don't mean to be difficult, however I do believe I addressed the employer issue in item 1, line 3.

In addition:

There are nine ways to avoid foreclosure.

1. Reinstatement: Bring the loan current.
2.Forebearance: Temporary repayment plan
3. Refinance: New loan with reduction in monthly payments
4. Loan modification: Modify original loan terms
5. Sell the property: Use equity to payoff or pay difference
6. Rent the property: Must make loan current
7. Short Sale: Negotiate with bank to accept sale under loan amount
8. Deed in Lieu of Foreclosure : "Friendly Foreclosure"
9. Bankruptcy: Will stall foreclosure but not prevent it.

Also, what is an acceptable hardship to qualify you for a short sale?
It can be defined as a material change in the financial situation of a homeowner that is or will affect their ability to pay their mortgage. The homeowner will have to prove their hardship through a signed letter that will be submitted to the mortgage company along with additional documentation.
1. Loss of job.
2. Business Failure
3. Damage to Property
4. Death of a spouse
5. Death of a family member
6. Severe Illness
7. Inheritance
8. Divorce
9. Mandatory job relocation
10. Medical bills
11. Military service
12. payment increase or mortgage adjustments
13 Insurance or tax increase.
14. Reduced income
15. Separation
16 Too much debt
17 Incarceration.

HOPE THIS HELPS.

Linda

Both Linda and Vicky are right on. I see that you've been asking various questions all day long on Trulia which is a good start but eventually you should sit down with someone knowledgable and figure out what's best for you. As in my previous answers, we can see if doing a loan modification will work for you..if it does, I'll do it for free. If not, you have so many other options as well. Good luck..I know it's a difficult time for you.

Kamal Randhawa
Broker
510-932-1066

Ducky,

A short sale generally has a lesser and shorter term impact on your credit score. Have you experienced a hardship? Do monthly living expenses exceed income? Lost a job? New job pay less than the old one?

Linda mentioned that security clearances and government positions may be jeopardized, but she failed to mention that many large corporations pull your credit during the employee screening process. A short sale shows that there was a true hardship and that you took action to deal with it. If you want to know more about short sales and how they work I can send you some information electronically if you contact me.

If you have a home to sell in San Ramon, it is prime selling season RIGHT NOW!

Kindest Regards,
Vickie Nagy
Realtor® - ABR, CRS, e-PRO, GRI, SRES
Specializing in "GETTING YOU WHERE YOU NEED TO BE"
(925) 407-7987 cell
http://www.VickieSellsHomes.com
http://www.BestTriValleyHomes.com
Vickie Nagy | Keller Williams | 760 Camino Ramon Suite 200, Danville, CA 94526
CA DRE License #01363932

Dear Ducky,

The following information is why should avoid foreclosure at all costs:

1. You will always have to disclose your foreclosure on future mortgage applications and sometimes employment applications. Many employers now run credit checks prior to hiring and during current employment. Depending on the position you hold, it could jeopardize your employment status.
2. Credit scores will be lowered by 300+points.
3. Security clearances and government positions including but not limited to military and law enforcement can be jeopardized.
4. You may be denied access to certain computer sites.

These are just to name a few of the pitfalls of foreclosure. It should be avoided at all costs. If you are facing a possible foreclosure, there quite a number of things you can do. If you would like more information, I would be glad to email it to you.

Linda