Foreclosure -vs- Short Sale

 This chart will show the difference between a Successful Short Sale and a Forelcosure;
and how each one will affect you:
 

 
Issue

 
Foreclosure

 
Successful Short Sale

Future Fannie Mae Loan – Primary Residence
(effective May 21, 2008)

A homeowner who loses a home to Foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years.

A homeowner who successfully negotiates and [...]

The Illinois Foreclosure Process

Illinois Foreclosure Process
Average time in Illinois is 321 days
THE ILLINOIS FORECLOSURE PROCESS
Illinois is a judicial state requiring court actions to foreclose a mortgage. A typical foreclosure action requires anywhere between 210 to 270 days to completely take away the homeowner’s ownership of the property. An important point to remember is that the only way a [...]

Subprime Mortgages – A Primer