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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,

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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.

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...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...

I am looking to: *	Stop Foreclosure for me or a friend Sell My Primary Residence Sell and Purchase in This Area Sell and Relocate to Another City Sell and Consider Leasing For a While Consider Creative Financeng to Help Me Move Find the difference between a Short Sale and a Loan Modification
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You only get one chance to stop a Foreclosure !

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SERVICE AREA (NORTHERN CALIFORNIA)

EL DORADO COUNTY, SACRAMENTO COUNTY,PLACER COUNTY

El Dorado Hills (95762),

Folsom Lake Area

Garden Valley (95633),

Rescue (95672),

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SERVICE AREA (NORTHERN CALIFORNIA)

SACRAMENTO COUNTY,

EL DORADO COUNTY,

PLACER COUNTY
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Jill Berni - Celebrating 30 Years of Customer Service

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DRE#01043608

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