Short Sale Information
The short sale process is highly specialized.
It’s important to have experienced agents negotiating on your behalf…
The Ulnicks have a 100% success rate with short sale approval.
If you are considering a short sale, please feel free to contact
The Ulnicks for a confidential consultation.
Benefits of a Short Sale vs. Foreclosure
|Credit Score||Will minimally affect your credit score, usually around 50 points. Late payments usually have the largest negative impact on your credit score from a short sale and can average 30 points or more each.||Your credit score could be lowered 300 points and will stay on your record for 10 years!|
|Credit History||There is not a credit reporting item for a short sale. Your mortgage company will report the short sale as ‘Paid’, ‘Settled in full’, or ‘Paid as Negotiated’||Foreclosure will remain on your credit for 10 years and is permanent in the public records of your county.|
|Current Employment||A short sale is not an actual item on your credit report and typically will NOT affect your employment.||Your employer has the right and many times will actively check your credit if you are in sensitive positions. A foreclosure may be grounds for immediate re-assignment or termination.|
|Future Employment||A short sale is not an actual item on your credit report and typically will NOT affect future employment.||Employers do check your credit history for many job applicants. A foreclosure one of the most negative items you can have on your credit and may affect future employment.|
|Future Loan with a Mortgage Company||You typically do not have to declare to future mortgage companies that you previously performed a short sale.||On federally mandated standard loan app. Form 1003 you will be required to answer ‘YES’ to the question ‘Have you had property foreclosed upon in the past 7 years?’ Answering ‘yes’ affects the interest rate you will receive.|
|Future Fannie Mae Loan – Primary Residence||After a successful short sale you can be eligible for a Fannie Mae backed loan after only 2 years||After a foreclosure you will be ineligible for a Fannie Mae backed loan for a minimum of 5 years|
|Future Fannie Mar Loan – Non-Primary||After a successful short sale you can be eligible for a Fannie Mae backed loan after only 2 years on non-primary residences||You will be ineligible for Fannie Mae backed investment loan for minimum of 7 years|