Foreclosure -vs- Short Sale
January 10, 2010 by Deborah
Filed under Foreclosure Info, Short Sale VS Foreclosure
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
January 10, 2010 by Deborah
Filed under Foreclosure Info, Short Sale VS Foreclosure, 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 [...]
Obama Administration Announces Financial Incentives and Uniform Process for Short Sales
May 16, 2009 by Deborah
Filed under Foreclosure Info
Responding to the call of the National Association of REALTORS®, on May 14, 2009, the Obama Administration announced incentives and uniform procedures for short sales under its new Foreclosure Alternatives Program (FAP). For borrowers who do not qualify to have their loans modified on a permanent basis under the Making Home Affordable Loan Modification Program, [...]
