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Foreclosure in Cordova : Real Estate Advice

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Activity 5
Tue Jan 11, 2011
Bob Movin-On answered:
Here is are the ramifications if anything other than a modification accrues, not to say modification does not ding your credit, it does just not as bad.

Ramifications of Foreclosure, Short Sale or Deed-in-lieu-of Foreclosure

Here are some of the ramifications of foreclosure, short sale or deed-in-lieu-of-foreclosure, there are many more like; insurance rates, your job (yes employers are checking credit records these days).

Your credit score will be reduced by 200-400 points, short sale and deed-in-lieu-of a little less 100-200 points.

All forms of foreclosure stay on your credit report for 10 years.

After you have gone through foreclosure, short sale or deed-in-lieu-of-foreclosure there will be what is known as the "waiting period", this period of time varies for each and can be reduced if you had some type of extenuating circumstances that caused the foreclosure:
Waiting Periods to Buy After Foreclosure – “YES” Short Sale and Deed-in-lieu-of are forms of foreclosure
• Buying after a Walk Away Foreclosure
The waiting period is 7 years
• Buying after a Foreclosure
The waiting period is 5 years with 20% deposit up to 7 years.
• Buying after a Foreclosure with Extenuating Circumstances
The waiting period is 3 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Deed-in-Lieu-of Foreclosure with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.
• Buying after a Short Sale
The waiting period is 2 years with 20% deposit, 4 years with 10% deposit up to 7 years.
• Buying after a Short Sale with Extenuating Circumstances
The waiting period is 2 years with 10% deposit.

In addition to the waiting period and minimum down payment, you will be required to have a minimum FICO score and the home purchase must also be the principal place of residence, not a rental nor a vacation home.

Lastly, most loan applications will ask the dreaded question "Have you ever been foreclosed on?" this stays with you for life, many think that because it will not show up on the credit report after 10 years they can answer "no", well lying on a loan application is a felony that carries a major jail term, so be aware.

Bob Patrick
Buy a home after foreclosure, short sale or deed-in-lieu-of expert
Movin-On LLC
Helping families/people that have lost their homes get back into a new one in as little as 6 months
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Sat Jan 8, 2011
Randy Jefferson answered:
Hi Jackie,

It sounds like you need an agent versed in short sales, not foreclosure. Please call me at 901-497-1470 to discuss your situation.
0 votes 9 answers Share Flag
Sat Jan 8, 2011
Randy Jefferson answered:
Hi Jackie,

It sounds like you need a short sale solution, but your situation is complicated. Please call me at 901-497-1470. We have specialists here at Keller Williams who can help you with a short sale and will give you honest and straight forward advise. You absolutely need an agent who is very experienced with short sales. ... more
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Tue Sep 28, 2010
Anna M Brocco answered:
At this point your best source of advice is an attorney who specializes in real estate, consider a consultation, see exactly what options you may have, rights, etc., then go from there.
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Wed Sep 30, 2009
Sean Dawes answered:
I would consult an attorney for this question but one thing that pops into my head is how do you own it? Is it owned by a LLC or you individually?
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