Re: Newbie Here - Foreclosure Stage

Well, I understand you feelings. So, if it were me, I would be looking at what is the better of the two outcomes for the future; because, I know I will not be in this situation forever, right? The best answer is short sale rather than foreclosure, and here is why:

1. Foreclosure is on your credit forever; that is, every home loan application you fill out will ask you "Have you ever had a foreclosure?" You can never say no to this question if it is true. It could be as long as 7 years before you can buy another home, and you will probably always pay a higher interest rate.

2. Short Sale is treated like a settled credit card on your credit report. It stays on your credit a maximum of 3 years, and you can often buy another home in 1-2 yrs; AND, it is NOT considered a foreclosure; so, you can answer "NO" to that question on the home loan application form.

My team is dedicated to helping folks with short sales; we have buyers waiting for deal. This means you don't have to list it with an agent, and you don't have to wait for a buyer to start the short sale process...I bet the real estate agents don't tell you that do they...that is, they cannot start the short sale process until they locate a buyer who wants to go through the process (most buyers don't want to wait to see if they can work a deal with the bank...and the bank says NO at the end). Don't ever list with an agent.

Well, there are my suggestions.

If your home is in California, I can help you directly; call me at 714-271-8056

Good luck,
--Mike
pmsanchez@globalgroupunlimited.com