Are You or Someone You Know Trying to Prevent Foreclosure?

Kristin from "The Kristin Stampini Team" is a Certified Distressed Property Expert & Instructor. Have you missed a mortgage payment or are already in some stage of the foreclosure process? There is light at the end of the tunnel, and I can help you reach it.


Why Not Just Let It "Go Back To The Bank?" While it may not seem like it now, there will come a time when your current financial troubles will pass. You will
feel much better knowing that you did everything you could to avoid this devastating financial consequence.The chance at avoiding foreclosure takes only effort and cooperation on your part.As your agent Iwill do all the rest, and invest mytime, money, and effort to help you prevent foreclosure.

Reasons To Avoid Foreclosure:
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 closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years.

Future Fannie Mae Loan " Non Primary Residence (Effective May 21, 2008) An investor who allows a property to go to foreclosure is ineligible for a Fannie Mae backed investment mortgage for a period of 7 years. An investor who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed investment mortgage after only 2 years.

Future Loan with any Mortgage Company On any future 1003 Application (Standard Loan Application), a prospective borrower will have to answer YES to question C, in Section VIII, that asks, “Have you had property foreclosed upon, or given title or deed in lieu thereof? This will affect all future rates. There is no similar declaration, or question regarding a short sale.

Credit Score Score may be lowered anywhere from 250 to over 300 points.Typically, this will affect score for over 3 years. Only late payments on mortgage will show, and after sale, mortgage will be reported as paid or negotiated.This will lower the score as little as 50 points, if all other payments are being made. A short sales effect can be as brief as 12 to 18 months.

Credit History Foreclosure will remain as a public record on a personals credit history for 10 years or more. A short sale is not reported on a credit
history.There is no specific reporting item for short sale. The loan is typically reported as Paid in full, settled.

Security Clearances Foreclosure is the most challenging issue against a security clearance, outside of a conviction for a serious misdemeanor or felony.If a client has a foreclosure, and is a police officer, in the military, a government employee, a security officer, or any position that requires a security clearance, in almost all cases, clearance will be revoked and position will be terminated. A short sale, on its own, does not challenge most security clearances.

Current Employment Employers have the right, and are actively and regularly checking the credit of all employees who are in sensitive positions. A foreclosure, in many cases, is grounds for immediate reassignment or termination. A short sale is not reported on a credit report, and is, therefore, not a challenge to employment.

Future Employment Many employers are requiring credit checks on all job applicants. A foreclosure is one of the most detrimental credit items an applicant can have, and, in most cases, will challenge employment. A short sale is not reported on a credit report, and is, therefore, not a challenge to employment.

Deficiency Judgment In 100% of foreclosures (except in those states where there is no deficiency)the bank has the right to pursue a deficiency judgment. In some successful short sales, it is possible to convince the lender to give up the right to pursue a deficiency judgment against the homeowner.

Deficiency Judgment Amount In a foreclosure, the home will have to go through an REO process if it does not sell at auction. In most cases, this will result in a lower sales price, and a longer time to sell in, a declining market.This will result in a higher possible deficiency judgment. In a properly managed short sale, the home is sold at a price that should be close to market value, and, in almost all cases, will be better than an REO sale, resulting in a lower deficiency amount.

What Is A Certified Distressed Property Expert?

Eighty-five percent of homeowners experiencing financial distress say their first contact will be to a licensed agent,yet fewer than 1 percent of agents consider themselves foreclosure or distressed property experts. Kristin for "The Kristin Stampini Team" has taken the time and money to invest in hereducation necessary to allow hertohelp people in this most difficult and stressful situation.

Foreclosure is a devastating financial and emotional process for a homeowner to go through, and in many cases they do so alone and without guidance of any kind, and therefore never recover financially. Through lots of experience andextensive and ongoing education Kristinhasdedicated hertime and effort to understanding the issues distressed homeowners are dealing with. She understands the full range of solutions andshe isready to help. While experiencing financial distress is difficult for any family, the process of finding a real estate professional shouldn't be. Selecting a CDPE agent ensures you are dealing with a professional ready to address your needs.

"Short Sale" is a relatively new expression to many homeowners, yet this type of sale has been part of the real estate market formany years. Unfortunately, most Realtors aren't familiar with the process, which has caused a lot of confusion in the community, with homeowners and even other Realtors.

Call Kristin to speak confidentially about your options 561-929-4846.

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