What is a Short Sale - Marshall Carrasco Short Sale Expert Reno NV

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Marshall Carrasco Reno's #1 Short Sell Expert www.renohelp.org. A short sale is when a home is sold for less than the amount owed to the lender or lenders. The majority of homes in Nevada currently listed or recently sold have been in the form of a short sale.

Transcript of What is a Short Sale - Marshall Carrasco Short Sale Expert Reno NV

  • 1. What is a Short Sale What is a short sale? Benefits of a short sale Why choose Marshall Realty? Short Sale Vs. Foreclosure Why walking away is not the answer Loss mitigation tools for delinquent mortgages Call : 775-525-1205 www.renohelp.org
  • 2. What separates Marshall Realty from the rest is our resources andcontacts. We have developed relationships with Consumer CreditAffiliates, The Bank of America Reno help center, Wells Fargo ExecutiveOffices for Loss Mitigation, Senator Reids Foreclosure PreventionTaskforce, among others. Call : 775-525-1205 www.renohelp.org
  • 3. We have direct contacts with Fannie Mae, Freddie Mac, and HUD. Our goal has been to become a total resource for homeowners in the entire Washoe Valley. Our testimonial page highlights our success. Let us put our resources and expertise to work for you. Call : 775-525-1205 www.renohelp.org
  • 4. What is a short sale? A short sale is when a home is sold for less than the amount owed to the lender or lenders. The majority of homes in Nevada currently listed or recently sold have been in the form of a short sale. Call : 775-525-1205 www.renohelp.org
  • 5. Benefits of a short saleSelling your home for less than what is owed is not an easy decision.However, if you are in a position where you are extremely upside downin your mortgage or facing a foreclosure, a short sale may be an optionto consider. Call : 775-525-1205 www.renohelp.org
  • 6. Benefits of a short sale often include Less damage to your credit than a foreclosure. A short sale is not reported on your credit history. A foreclosure is reported and stays on your credit for up to 10 years. A homeowner who successfully negotiates a short sale may be considered for a Fannie Mae backed mortgage after only 2 years. A foreclosure makes the homeowner ineligible for a minimum of 5 years. Lenders may consider the sale price as paid in full forgiving the deficiency. You can move forward to a brighter financial future in considerably shorter time. Call : 775-525-1205 www.renohelp.org
  • 7. Why choose Marshall Realty? By working with Marshall Realty you will benefit from the experience of over 4 years in successful short sales. Longer than any other agent in the Washoe Valley. We are familiar with the short sale requirements of each lender. Your calls will be answered! You will be kept up to date every step of the way. Your property is listed in MLS and available to all interested buyers. You will not have a sign advertising it as a "Short Sale" or "Pre-foreclosure". You never pay a fee. Lenders pay the commission from the proceeds of the sale. Call : 775-525-1205 www.renohelp.org
  • 8. Short Sale Vs. Foreclosure Call : 775-525-1205 www.renohelp.org
  • 9. Issue 1 Future Fannie Mae Loan- Primary Residence 1Foreclosure Successful Short SaleA homeowner who loses a home A homeowner who successfullyto foreclosure is ineligible for a negotiates and closes a short sale willFannie Mae-backed mortgage be eligible for a Fannie Mae- backedfor a period of 5years. mortgage after only 2 years. Call : 775-525-1205 www.renohelp.org
  • 10. Issue 2 Future Fannie Mae Loan- Non-Primary2Foreclosure Successful Short SaleAn investor who allows a There is no similar declaration orproperty to go to foreclosure is question regarding a short sale.ineligible for a FannieMae-backed investmentmortgage for a period of 7 years. Call : 775-525-1205 www.renohelp.org
  • 11. Issue 3 Credit ScoreForeclosure Successful Short Sale Score may be lowered Only late payments on a mortgage anywhere from 250 to more will show, and after sale, mortgage than 300 points. is normally reported as paid as Typically will affect a credit agreed, paid as negotiated, or score for over 3 years. settled. This can lower the score as little as 50 points if all of the other payments are being made. A shore sales effect can be as brief as 12 to 18 months. Call : 775-525-1205 www.renohelp.org
  • 12. Issue 4 Credit HistoryForeclosure Successful Short SaleForeclosure will remain as a A short sale is not reported on apublic record permanently, and credit history.on a persons credit history for There is no specific reporting item10 years or more. for short sale. The loan is typically reported paid in full, settled. Call : 775-525-1205 www.renohelp.org
  • 13. Issue 5 Security ClearanceForeclosure Successful Short Sale Foreclosure is the most On its own, a short sale does not challenging issue against a challenge most security clearances. security clearance outside a serious misdemeanor or felony conviction. If a client has a foreclosure and is a police officer, in the military, in the CIA, security, or any other position that requires a security clearance, in almost all cases clearance will be revoked and position will be terminated. Call : 775-525-1205 www.renohelp.org
  • 14. Issue 6 Current EmploymentForeclosure Successful Short Sale Employers have the right and A short sale is not reported on a are actively checking the credit report and therefore not a credit of all employees who challenge to employment. are in sensitive positions. In many cases, a foreclosure is reason for immediate reassignment or termination. Call : 775-525-1205 www.renohelp.org
  • 15. Issue 7 Future EmploymentForeclosure Successful Short Sale Many employers are requiring A short sale is not reported on a credit checks on all job credit report and is therefore not a applicants. challenge to future employment. A foreclosure is one of the most detrimental credit items an applicant can have and in most cases will challenge employment. Call : 775-525-1205 www.renohelp.org
  • 16. Issue 8 Deficiency Judgment (Not Applicable in California)Foreclosure Successful Short SaleIn 100% of foreclosures (except In some successful short sales, it isin those states where there is possible to convince the lender tono deficiency), the bank has the give up the right to pursue aright to pursue a deficiency deficiency judgment against thejudgment. homeowner. Call : 775-525-1205 www.renohelp.org
  • 17. Issue 9 Deficiency Judgment (amount)Foreclosure Successful Short Sale In a foreclosure, the home wi