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Know The Pitfalls Of Your Decision: A Comparison Of Foreclosure To Short Sale

When considering a short sale at foreclosure there are several issues that arise. They are: obtaining an FM loan in the future, conventional purchases, credit score, security clearance and employment.

A homeowner who permits a foreclosure on their primary residence with a Fannie Mae mortgage is not eligible for a Fannie Mae mortgage for a period of 5 years. While an owner who successfully negotiates and concludes a short sale is locked out for a period of only 2 years. Investment properties are in a different class, Fannie Mae will lock in a homeowner for a total of 7 years, while short selling only lasts 2 years.

Fannie Mae’s policy change was designed specifically for homeowners who strategically defaulted on their mortgage – they could afford their payments and had no financial hardship. What is unclear is how Fannie Mae will determine 5 years later that the lockdown was by choice. Perhaps a homeowner requesting a mortgage renegotiation is shooting themselves in the foot – providing confirmation of income, current credit, as a declined rewrite will now remain on file 5 years later? This however is speculation – the application of this policy is however murky.

On any future 1003 application, the homeowner will have to declare their foreclosure. This will affect their future rates while a short sale requires no reporting, in fact after the homeowner has successfully completed a short sale they are allowed to apply for an FHA loan, subject to confirmation that their previous mortgage was up to date.

Credit is obviously equally affected in both situations. However, while a sale will lower the previous owners’ flagship score by 50 points, a foreclosure will degrade it by 200 to 300. The duration of the visit to the credit bureau also differs, short sale usually 12 to 18 months, while a foreclosure could last 3 years.

Outside of a criminal conviction, a foreclosure is the most damaging thing that can happen to someone with a security clearance. A policeman, military or CIA representative will have their clearance revoked and termination of employment a real possibility. A sale of this type should not affect customs clearance – note the phrase “should not”.

These sales are by far a better option for someone with an underwater mortgage. As clear as the choice is, the probability of closing a short sale is close to zero. Almost zero since 3% of sales last year were short sales.

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