St. Johns County Foreclosures & Short Sales
Learn About Foreclosures in St. Augustine and Surrounding Areas
Review the following comparisons between St. Augustine short sales and St. Augustine foreclosures for a better understanding of why short sales are a better option for most homeowners. While a short sale in St. Augustine can be a complicated process, the outcome of your patience and diligence are worth it in the end!
Get Started Now - Click Here To See If You Qualify For St. Augustine or Jacksonville Short Sale
Graph Comparison St. Augustine Short Sale vs. St. Augustine Foreclosure ~LINK TO ATTACHMENT~
* What are the implications to my credit score?
Following a successful short sale in St. Augustine your mortgage will be reported on your credit score as either paid or negotiated, lowering your score as little as 50 points and affecting you for only 12 to 18 months. After a St. Augustine home foreclosure, however, your credit score can lower as much as 300 and usually at a minimum of 250 points and affects your score for over three years. Back to top
St. Augustine Foreclosures
& Short Sales
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* What are the implications to my credit history?
A short sale is usually reported as paid in full and is not reported on your credit history. A foreclosure will remain on your credit history for 10 years or more and will remain as public record.
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* Who decides if my St. Augustine home should undergo a foreclosure or a short sale?
In both St. Augustine short sales and St. Augustine foreclosures, the decision is made by your mortgage lender. The most important aspects to getting a lender to agree to a short sale, and saving you the more damaging credit implications of a foreclosure, is to prove that you have no other way to pay the
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mortgage and that the amount received from a short sale is the fair price of the market. Lenders who believe they can receive more by taking possession of the home in a foreclosure and selling it themselves will not agree to a short sale in St. Augustine
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* How long will I have to wait to buy another home in St. Augustine?
After a foreclosure, you may end up waiting another 24 to 72 months before a mortgage lender will offer you an interest rate that is acceptable. Most mortgage lenders report that for homeowners who have undergone a previous short sale in St. Augustine or other St. Johns County real estate communities may get a reasonable interest rate in less than two years. Fannie Mae guidelines allow a short seller to apply for a new home loan immediately if payments were kept current and had no 60-day late payments on their record.
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* What will be the effects on my future St. Augustine home loans?
For most mortgage lenders you will not be asked to declare or be questioned regarding a short sale on any standard loan application (1003). In regards to St. Augustine home foreclosure, you will be asked on any future standard loan application (1003) if you have had a property foreclosed in the last seven years, therefore affecting your rate. Fannie Mae backed mortgages will be available to you following a short sale after two years. Fannie Mae backed mortgages will not be available to you for at least five years if you have lost your home due to a foreclosure.
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St. Johns County Foreclosures & Short Sales
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* Will Short Sales or Foreclosures in St. Augustine affect employment opportunities ?
A short sale does not appear on a credit report and may not challenge your current employment status. In comparison, if you have a foreclosure on your credit report, some employers consider it a reason for termination or reassignment since many run credit checks on employees for certain positions. A home foreclosure in St. Augustine can be extremely harmful to your chance of being selected for a new job if your credit report is taken into consideration.
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* How does a short sale versus a foreclosure affect the deficiency judgment?
If your short sale in St. Augustine is handled successfully, the lender may give up the right to pursue a deficiency judgment against you. If the lender does pursue a deficiency judgment against you after a successful short sale, the amount will be considerably lower because your home was sold at a price closer to market value than that of an REO (Real Estate-Owned) sale. In all St. Augustine foreclosures, with the exception of those states without deficiency, the bank has the right to file a deficiency judgment against you. Since your foreclosed home will have to go through the REO process if not sold at auction for a lower sales price, this results in a higher deficiency judgment against you.
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Interested in Learning more about Short Sales and Foreclosures in St. Augustine or Other Communities?
Contact Me for More Information...
Suzy Evans
100 East Town Place, Suite 100
St. Augustine FL 32092
| Business: |
904-347-5447 |
| Fax: |
904-940-5006 |
| Email: |
sevans@davidsonrealtyinc.com
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