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Short Sale Vs. Foreclosure (Part 2 of 4)
Future Loans (Any Lender)
FORECLOSURE
On any future 1003 application, a prospective borrower will have to answer YES on the standard 1003 that asks “Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” This will affect future rates.
SHORT SALE
There is no similar declaration or question regarding a short sale at this point.
Know Your Options & The Hidden Consequences of Foreclosure
GET THE FREE SPECIAL REPORT IN SECONDS: Foreclosure Impacts to Your Credit Score, Employment, Deficiency Judgments, and Security Clearance - CLICK HERE
FORECLOSURE
On any future 1003 application, a prospective borrower will have to answer YES on the standard 1003 that asks “Have you had a property foreclosed upon or given title or deed in lieu thereof in the last 7 years?” This will affect future rates.
SHORT SALE
There is no similar declaration or question regarding a short sale at this point.
Know Your Options & The Hidden Consequences of Foreclosure
GET THE FREE SPECIAL REPORT IN SECONDS: Foreclosure Impacts to Your Credit Score, Employment, Deficiency Judgments, and Security Clearance - CLICK HERE
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