La Jolla Real Estate, Del Mar real estate, Rancho Santa Fe Homes, Carmel Valley Real Estate, University City and
Downtown San Diego real estate, homes and condos for sale in California - Ruth Mills & the Mills Team, REALTOR.






Search the San Diego MLS
(includes all areas in San Diego County)

October 10, 2010

Is there a good reason for a Short Sale instead of a Foreclosure?
Most anywhere you look across the nation you will see bank owned homes for sale. Yesterday I heard that an astounding 1 in 10 home owners is currently behind on mortgage payments. Talking with a friend recently the topic of foreclosure versus short sale came up. My friend wanted to know if there is an advantage to a short sale in La Jolla, University City, UTC, Del Mar or anywhere in San Diego County, for that matter.

Yes! Here is one reason that may be very important. It is 2 Years versus 7 years.

After a foreclosure most all lenders want a seven year history of excellent credit after the foreclosure before considering the applicant eligible for another home loan.

In the case of a "Short Sale" FHA will insure a home loan after 2 years, and Fannie Mae will a accept loan application after 2 years with a 20% down payment or 4 Years with a 10% down payment.

If you have a friend or family member that may need help making decisions about a property that is in distress, have them talk to a Realtor that is a Certified Distressed Property Expert, to consider the several options that are available. These Realtors are working everyday with the rule changes and know way to avoid delays. They can make the whole process work much more comfortably. One client said "Ruth made the phone stop ringing and I could sleep". Ruth Mills is certified to help distressed property owners. Ruth is expert in these difficult matters and in this real estate market.

Search San Diego Foreclosures