RaquelSellsPhillyHomes.com

1. Foreclosure Follows You – Homeowners will always have to disclose that they have had a foreclosure on any mortgage application and many job applications that they submit in the future. This can have an adverse effect on their future mortgage rates. This is a credit item that is asked about specifically in credit inquiries. There is no seven-year time limit on this item.
2. Credit Score Negative Impact – Credit scores will be lowered by 300-plus points (per loan). Along with bankruptcy, a foreclosure is one of the most devastating credit issues you can have in relation to future credit availability.
3. Ineligibility for a Government Insured Loan – The homeowner will be ineligible for a government insured loan for 5–7 years (only two years in a short sale). A foreclosure is the one credit report item that is almost impossible to have repaired.
4. Possibility of Deficiency Judgment – Your lender can seek a deficiency judgment against you and collect any amount they do not recuperate at bank sale.
5. Negative in Employment Credit Checks – Many employers run credit checks on prospective employees. Foreclosure is one of the top items that will put a potential new hire in jeopardy.
6. Potentially Damaging in Current Employment – Many current employers run credit checks. A foreclosure can put a current position in jeopardy.
7. Negative on Security Clearances – Security clearances and government positions— including but not limited to military and law enforcement—can be jeopardized by a foreclosure. Revocation of security clearance can result in job reassignment or loss.
8. Lower Tax Liability than Foreclosure – The tax liability in a foreclosure may be much higher than in a properly negotiated short sale since canceled debt will be higher in a foreclosure.
9. You Have Alternatives – As your expert, I will explore every option with you and work toward the best resolution.
10. Do Everything You Can – While it may not seem like it now, there will come a time where your current financial troubles will pass. You will feel much better knowing that you did everything you could to avoid this devastating financial consequence that so many people face today.

If you or anyone you know is facing foreclosure, or know that you will not be able to make mortgage payments much longer, call me today at (267) 918-3691 for a confidential consultation. I can help you sell your home and get a fresh start.

“Raquel is an expert in her field and was very personable and accommodating. She took care of everything and I had no worries during the entire process of the sale of my former home. She not only expedited the process but also incorporated her expertise and creativity to speed the process along. She is a top notch real estate agent and I would recommend her over and over again to all that I know.” Akilah E., 11/12/2009, happy homeseller

I’m hoping that our legislators wake up and start reading this and other stories by agents and consumers who have to deal with the madness of the shortsale process employed by some lenders. Saxon Mortgage is a mortgage servicer that is particularly adept at being inept. Keep reading to understand why.

This shortsale negotiation was started in February. The subject property needs almost total rehab, and I’d repeatedly asked Saxon Mortgage to do an interior BPO. I finally got an answer from them that said: we don’t do interior BPOs, you’ll have to do it yourself and submit it. Great. So I did that. A thorough, full-color, 40 page BPO with photos, descriptions, and comps. Then yesterday I find out that they do in fact do interior BPOs, and now I have to wait for them to do it. My suspicion is that they are suddenly interested in doing it since my value was so low. The guy I spoke to asked for the name of the person who gave me the “wrong” information. I only got one name and extension number of the several people I spoke to, since they said it was company “policy” not to give out names of the people in the shortsale or loss mitigation departments. He found that “strange”. I’m sure he’s just as full of crap as the owners of Saxon themselves.