What’s the Difference Between Naperville Short Sales and Foreclosure? презентация

What’s the Difference Between Naperville Short Sales and Foreclosure? When a homeowner fails to make his or her mortgage payments or becomes delinquent in their payments, the home is foreclosed upon.

Слайд 1What’s the Difference Between Naperville Short Sales and Foreclosure?


Слайд 2What’s the Difference Between Naperville Short Sales and Foreclosure?
When a homeowner

fails to make his or her mortgage payments or becomes delinquent in their payments, the home is foreclosed upon. In a foreclosure, the lender assumes ownership of the home and evicts the delinquent borrower. The lender initiates the sale of the home at a foreclosure auction or a trustee sale.

Слайд 3What’s the Difference Between Naperville Short Sales and Foreclosure?
A short sale

is used by distressed homeowners as an alternative to foreclosure. If a homeowner owes more than the current market value of the home, a good option is to do a Naperville short sale. A short sale is initiated by the homeowner, unlike a foreclosure where the home is sold by the lender.

Слайд 4What’s the Difference Between Naperville Short Sales and Foreclosure?
In a short

sale, the home is sold through a real estate agent specializing in short sales and is sold much like a traditional sale, except short sales involve more paperwork and parties than a traditional real estate transaction. As with any transaction, there are tax implications, please read the rules on www.irs.gov and speak with your lawyer before proceeding.

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If the lender

approves the short sale, the lender agrees to accept less than what is owed from the proceeds of the sale. In most circumstances, the borrower can walk away debt free — if the lender agrees to waive the difference of the loan balance and the proceeds from the short sale.

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Benefits of a

Naperville Short Sale Over a Foreclosure

Impact on Credit Score. – Short sales and foreclosures both have a negative impact on the borrower’s credit score. However, short sales have a comparatively lesser impact on the credit score. A borrower’s credit score may drop from 50-150 points during a short sale and 200-400 points after foreclosure.

Слайд 7What’s the Difference Between Naperville Short Sales and Foreclosure?
Waiting Period to

Buy a New Home – Borrowers have to wait 7 years after foreclosure before they can buy a new property. In a short sale, the borrower may be able to buy a new house at least a year after the short sale depending on the type of loan, the borrower’s eligibility and their unique situation.

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Mention in Future

Loan Applications – It is mandatory for a foreclosure to be reported in future loan applications, which could have a negative impact to your loan application. A short sale does not necessarily have to be mentioned in future loan applications, which is more beneficial to borrowers who plan on buying a new property after a short sale.

Слайд 9What’s the Difference Between Naperville Short Sales and Foreclosure?
HAFA Eligibility – Homeowners

who have gone through a short sale can still be eligible for the Home Affordable Foreclosure Alternatives (HAFA) Program, while those who have gone through foreclosures are not eligible for the HAFA program.

Слайд 10What’s the Difference Between Naperville Short Sales and Foreclosure?
Although a short

sale and a foreclosure both have a negative impact on one’s credit score, a short sale is still a better option than foreclosure. Short sales offer more advantages for distressed homeowners and help them recover their financial standing faster. If you want to know about Naperville short sales, visit www.RyanHillCanHelp.com.

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If you are

ready to do a Naperville short sale call me, Teresa Ryan at 630-276-7575.  As an owner/broker of Ryan Hill Realty, I have the experience and tools to help you sell your
Naperville short sale home.

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