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SHORT SALE CREDIT MYTHS. . .
"How Will a Short Sale Affect My Credit?" Your credit rating affects your ability to procure financing and obtain favorable rates. FICO, also referred to as Fair Isaac Corporation, is the most widely used credit scoring system in the world. FICO guidelines state the following go into your credit score: Payment History - 35% of score - includes past due, late payment data, derogatories, such as "paid as agreed", bankruptcy, judgments, etc. Amounts Owed - 30% of score - including percentage of balances to credit limits Length of Credit History - 15% of score New Credit - 10% of score - includes credit inquiries, length of time to establish new credit following past payment problems, number of new accounts, etc Types of Credit Used - 10% of score - includes percentages you have of mortages, credit cards, installment loans etc You can see that the biggest category on your credit is payment history. So outside of the short sale or foreclosure event, late payments, delinquencies and credit limits/balances all add up to affect your score. Each person's situation will be different, so there is no exact number that can be quoted about how much your score will change if you do a short sale or have a foreclosure. A short sale or foreclosure are both similar derogatory events on your credit score, typically Score Factor 22. However, a short sale will have a lesser impact on your future ability to borrow than a foreclosure or deed-in-lieu of foreclosure. Fannie Mae, the nation's largest backer of mortgages, has announced recent favorable changes regarding its view of Short Sales and how they affect the credit-worthiness of borrowers. In fact, you may be able to purchase a new home in as little as 3 years after a Short Sale, or even sooner depending on your payment history and your arrangement with your Short Sale lender. The Fannie Mae policy clearly indicates that" Short Sales are preferable to deed-in-lieu of foreclosures and straight foreclosures. Following are excerpts from the new policy guide and memo, where you will see future borrowing restrictions outlined : Establishing a new policy for preforeclosure (Short) sales . A preforeclosure sale involves the sale of the property by the borrower to a third party for less than the amount owed to satisfy the delinquent mortgage, as agreed to by the lender, investor, and mortgage insurer. Due to the increased incidence of preforeclosure sales, Fannie Mae is establishing a 3-year elapsed time period for reestablishing credit following completion of the action. If the borrower is purchasing a new property and the previous mortgage history complies with our excessive prior mortgage delinquency policy and does not have one or more 60-, 90-, 120-, or 150-day delinquencies reported within the 12 months prior to the credit report date, the loan is eligible for delivery to Fannie Mae, provided the lender or servicer who completed the short sale has not entered into any agreement that obligates the borrower to repay any amounts associated with the short sale, including a deficiency judgment.Foreclosure: A 5 year restriction before a new mortgage may be obtained. Restrictions apply as follows for 5-7 years after foreclosure: Minimum credit score 680, at least 10% down, only allowed to purchase primary residence, no investment or second home property. For more perspectives on how foreclosure affect your credit Score, 24Hr recorded message gives details:1 866 866 6662 x5555 Fannie Mae, the major federally chartered mortgage backer, will not allow borrowers with a foreclosure to get another Fannie Mae-backed mortgage for 5-7 years, and only with a minimum credit score of 680. Freddie Mac, federally chartered to support the secondary mortgage market, sees foreclosure as a major negative on credit for seven years. Freddie Mac and Fannie Mae loan applications include questioning the borrower on whether they have ever had a foreclosure or deed-in-lieu of foreclosure. If so, the loan is more critically analyzed, and may not be so easy to obtain. In summary, a Short Sale is the best choice when it comes to ability to secure future financing. 24Hr recorded message gives details:1 866 866 6662 x5555 ...No Matter What You Owe ! JILL BERNI has sold 100s of Homes for People like you, fast, and for the Highest Offer available, using Creative Financing. Some Proven Reasons to Partner-Up With JILL BERNI's Team: ü 50 ways we Relentlessly persue a Solution to your situation ü A little-known Exit Strategy, that will assure that you "Land Well" ü The 2 things Sellers do, that will kill a home sale before it gets started ü And much more Selling your home is a complicated task, so it is crucial to have every possible advantage you can. Thank you again for your time, and I look forward to meeting with you. Sincerely, your Local Broker, JILL BERNI
Celebrating 30 years of Customer Service "You can't bring her a Real Estate Problem, that she hasn't Solved before"
Please do yourself a favor and take a minute to apply now, to get your Solution started... JILL BERNI - Broker/Owner <jillberni@sbcglobal.net> EDWARD L. BERNI - CEO <oaktreehomeandloan@yahoo.com> You only get one chance to stop a Foreclosure !24Hr recorded message gives details:1 866 866 6662 x5555
SERVICE AREA (NORTHERN CALIFORNIA) EL DORADO COUNTY, SACRAMENTO COUNTY,PLACER COUNTY El Dorado Hills (95762), Folsom Lake Area Garden Valley (95633), Rescue (95672), Shingle Springs / Cameron Park (95682), Coloma (95613), Placerville (95667) Cool (95614),
Pilot Hill (95664),
El Dorado (95623),
Diamond Springs (95619),
Lotus (95651),
Placer County, Folsom Lake Granite Bay (95746), Roseville (95661), Lincoln (95645) Roseville (95747), Lincoln (95648), Roseville (95678), Loomis (95650), SERVICE AREA (NORTHERN CALIFORNIA)
************************************************************************************************************** El Dorado County, Garden Valley (95633), Rescue (95672), Shingle Springs / Cameron Park (95682), Coloma (95613), Placerville (95667,) El Dorado Hills (95762), Cool (95614), Pilot Hill (95664), El Dorado (95623), Diamond Springs (95619), Lotus (95651), Placer County, Penryn (95663), Rocklin (95677), Granite Bay (95746), Roseville (95661), Lincoln (95645) Roseville (95747), Lincoln (95648), Roseville (95678), Loomis (95650), Newcastle (95658). Sacramento County, Carmichael (95608), North Sacramento Natomas Del Paso Heights (95838), Sacramento Elder Creek Fruitridge (95820), Citrus Heights (95621), North Sacramento Natomas Del Paso Heights (95833), Sacramento Elder Creek Fruitridge (95824), Sacramento Downtown Midtown (95816), North Sacramento Natomas Del Paso Heights (95835), Sacramento Florin & Vicinity (95829), North Sacramento Natomas Del Paso Heights (95834), North Sacramento Natomas Del Paso Heights (95836), Sacramento Florin & Vicinity (95830), East Sacramento & Vicinity (95817), Orangevale (95662), SACRAMENTO COUNTY Sacramento Florin & Vicinity (95828), East Sacramento & Vicinity (95819), Ranch Cordova Gold River (95670), Sacramento Foothill Farms (95842), Elk Grove (95758), Rancho Cordova (95742), Sacramento Franklin Freeport Vicinity (95823), Elk Grove (95757), Rancho Murieta (95683), Sacramento Franklin Freeport Vicinity (95832), Elk Grove (95624), Represa (95671), Sacramento International Airport & Vicinity (95837), Elverta (95626), Rio Linda (95673), Sacramento Land Park Curtis Park (95818), Fair Oaks (95628), North Highlands& Vicinity (95660), Sacramento Rosemont College Greens Mayhew (95827), Folsom & Vicinity (95630), Sacramento Antelope (95843), Sacramento Rosemont College Greens Mayhew (95826), Galt (95632), Sacramento Arden Arcade Creek Vicinity (95821), Sacramento So Land Park Greenhaven (95831), Herald (95638), Sacramento Arden Arcade Creek Vicinity (95841), Sacramento South Land Park Greenhaven (95822), Sacramento Downtown Midtown (95814), Sacramento Arden Arcade Creek Vicinity (95864), Sacramento Arden-Arcade Creek Vicinity (95815), Mather (95655), Sacramento Arden Arcade Creek Vicinity (95825), Wilton (95693). Jill Berni - Celebrating 30 Years of Customer Service BROKER/OWNER 916 834-2822 916 933-4454 -fax WWW.GOTOOAKTREE.COM CaDRE#01043608 •Location: Sacramento El Dorado Placer * Location: Sacramento - El Dorado - Placer ,
Garden Valley (95633), Rescue (95672), Shingle Springs / Cameron Park (95682), Coloma (95613), Placerville (95667,) El Dorado Hills (95762), Cool (95614), Pilot Hill (95664), El Dorado (95623), Diamond Springs (95619), Lotus (95651), Placer County, Penryn (95663), Rocklin (95677), Granite Bay (95746), Roseville (95661), Lincoln (95645) Roseville (95747), Lincoln (95648), Roseville (95678), Loomis (95650), Newcastle (95658). Sacramento County, Carmichael (95608), North Sacramento Natomas Del Paso Heights (95838), Sacramento Elder Creek Fruitridge (95820), Citrus Heights (95621), North Sacramento Natomas Del Paso Heights (95833), Sacramento Elder Creek Fruitridge (95824), Sacramento Downtown Midtown (95816), North Sacramento Natomas Del Paso Heights (95835), Sacramento Florin & Vicinity (95829), North Sacramento Natomas Del Paso Heights (95834), North Sacramento Natomas Del Paso Heights (95836), Sacramento Florin & Vicinity (95830), East Sacramento & Vicinity (95817), Orangevale (95662), SACRAMENTO COUNTY Sacramento Florin & Vicinity (95828), East Sacramento & Vicinity (95819), Ranch Cordova Gold River (95670), Sacramento Foothill Farms (95842), Elk Grove (95758), Rancho Cordova (95742), Sacramento Franklin Freeport Vicinity (95823), Elk Grove (95757), Rancho Murieta (95683), Sacramento Franklin Freeport Vicinity (95832), Elk Grove (95624), Represa (95671), Sacramento International Airport & Vicinity (95837), Elverta (95626), Rio Linda (95673), Sacramento Land Park Curtis Park (95818), Fair Oaks (95628), North Highlands& Vicinity (95660), Sacramento Rosemont College Greens Mayhew (95827), Folsom & Vicinity (95630), Sacramento Antelope (95843), Sacramento Rosemont College Greens Mayhew (95826), Galt (95632), Sacramento Arden Arcade Creek Vicinity (95821), Sacramento So Land Park Greenhaven (95831), Herald (95638), Sacramento Arden Arcade Creek Vicinity (95841), Sacramento South Land Park Greenhaven (95822), Sacramento Downtown Midtown (95814), Sacramento Arden Arcade Creek Vicinity (95864), Sacramento Arden-Arcade Creek Vicinity (95815), Mather (95655), Sacramento Arden Arcade Creek Vicinity (95825), Wilton (95693). Jill Berni - Celebrating 30 Years of Customer Service BROKER/OWNER 916 834-2822 916 933-4454 -fax WWW.GOTOOAKTREE.COM Broker#01043608 •Location: Sacramento Placer El Dorado,...Realtor in El Dorado Hills,Realtor,Oak tree home and loan, El Dorado Hills,CA,REO,inventory,MLS,listings,evaluation,appraisal,Bank-owned,Sacramento,home,loan,first time,buyer,mortgages,my,real estate,forclosure,foreclosure,lendingtree,purchase 100%,relocation,find,Asset Management,home,loans,pre foreclosure,pre forclosure, short sale,foreclosure mortgage, stop foreclosure, - OakTree Real Estate Services - 916 933-0555 El Dorado County - Sacramento County - Placer County - Folsom Lake Area - El Dorado Hills, CA 95762 Nationwide Relocation: 24Hr msg: 866 866 6662 x2222 - Want to Sell Your Home Fast !: 24Hr msg: 866 866 6662 x1234 Need to Stop Foreclosure ?: 24Hr msg. gives details: 866 866 6662 x5555 Cash-Flow Properties: 24Hr msg. gives details: 866 866 6662 x1941 California Real Estate Broker: Lic#01043608 :: THINK FORECLOSURE'S YOUR ONLY OPTION ? :: Short Sale vs Loan Modification :: SHORT SALE vs. Foreclosure :: What is a Short Sale :: A Lease Option to Stop Foreclosure? :: SHORT SALE CREDIT MYTHS :: What We Do to Sell Your Home :: Need to Move FAST ? :: Sell Your Home For All its Worth :: OUTSTANDING REFERENCES :: Code of Ethics :: SUCCESSFUL LISTINGS :: HOME PAGE :: BANK OWNED PROPERTIES :: Be Sure to Get Pre Approved :: Homebuyer Education :: RENT Vs. BUY Calculator :: Imperfect Credit? :: REO ASSET MANAGEMENT :: COMPANY DIRECTORY :: JILL BERNI REO Team :: MENU of Service Experience :: WHAT IS YOUR HOME WORTH ? :: JILL BERNI Blog List :: Monthly Payment Calculator :: Jill Berni Yahoo Local :: Tell-A-Friend :: Fire Your Landlord ! :: Need to Lower Your Bills? :: Be Sure to Get Pre Approved :: Debt Consolidation Calculator :: Need Cash? :: Credit Grade Calculator :: Interest Only :: Reverse Mortgages :: Payment Option Arm Calculator :: ARM Loans :: Inlinks :: Webring :: Credit Report :: Loan Application Instructions :: Mortgage Payment Calculator :: Home Equity Loan :: Refinance Calculator :: LOWER YOUR BILLS :: Activerain RSS :: JILL BERNI - Utilizing LinkedIn :: Linkedin Real Estate Blog :: WordPress Jill berni :: Featured in Sacramento Top 10 :: Pending Sale Success :: Asset Manager Blog :: Digg Jill Berni Websites :: Sacramento El Dorado Listings :: Craigslist RSS Feed Jill Berni :: Homes for Half Price Nationwide :: OakTree Search :: California Real Estate Map Search :: REO Pro Membership :: Delicious Jill Berni Blog :: MySpace JILL BERNI Blogs :: Real Estate Blog MySpace :: Stopping Foreclosure :: FaceBook Reader Jill Berni :: NetVibes Jill Berni Blog :: Jill Berni StumbleUpon Reviews :: Infignos Real Estate Listings :: Mission Statement :: Realtor in El Dorado Hills :: Jill Berni Blogger OakTree :: Jill Berni Google Profile :: Jill Berni Bookmarks :: Google FeedBurner JILL BERNI :: REO Asset Management :: Real Estate Services Financial Services :: Jill Berni Real Estate Housing :: Jill Berni Realtor on Craigslist :: Stop foreclosure Presentation :: Pre Foreclosure Assistance :: Resist Foreclosure :: Jill Berni Pre Foreclosure Services :: Pre Foreclosure Hotline :: Available For Sale :: Real Estate Services :: Trade Out of a Foreclosure :: Oaktree Real Estate Listings :: Jill Berni Real Estate Services :: 1866 866 6662 x5555 :: PreForeclosure Housing Solutions :: Real Estate Wanted :: Lease Option,Rent to Own :: Jill Berni Stop Foreclosure :: Jill Berni Short Sale Services :: OakTree Real Estate Services :: Jill Berni Yahoo Search :: Privacy Policy :: Real Estate Broker :: Jill Berni Citrus Heights :: Jill Berni Real Estate Agents :: Homes for Sale Service :: Site Map :: North Sacramento Real Estate :: Loan Modification Failed? :: Natomas PreForeclosure :: REO Bank Owned :: Home and Loan Broker :: Loan Broker :: MLS Listings Jill Berni :: Jill Berni PreForeclosure :: Realtor in El Dorado Hills :: Check Out Our Newest Listings Ahead of Everyone Else: HOTNewListings.com
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