Foreclosure Consequences
SECURITY CLEARANCES= may be revoked and position may be terminated
CURRENT EMPLOYMENT= may result in reassignment or termination
FUTURE EMPLOYMENT= in most cases will challenge employment
DEFICIENCY JUDGMENT= 100% of the banks in states where they can, may pursue a deficiency
DEFICIENCY JUDGMENT(amount)= If sold at auction at a low price may result in a higher deficiency judgment
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE= 5 years to get a FM loan
FUTURE FANNIE MAE LOAN-NON PRIMARY= 7 years to get a FM loan
FUTURE LOAN WITH ANY MORTGAGE COMPANY= Buyer has to answer YES on question C Section VII of the standard 1003 which will affect future rates
CREDIT SCORE= lowers your credit score 250 to 300 points for 3 years
CREDIT HISTORY= 10 years on public record
Short Sale Consequences
SECURITY CLEARANCES= Will not challenge most security clearances
CURRENT EMPLOYMENT= Not a challenge to employment
FUTURE EMPLOYMENT= Not a challenge to employment
DEFICIENCY JUDGMENT= no deficiency judgment on most in California
FUTURE FANNIE MAE LOAN-PRIMARY RESIDENCE= 2 Years for FM
FUTURE FANNIE MAE LOAN-NON PRIMARY= 2 Years for FM
FUTURE LOAN WITH ANY MORTGAGE COMPANY= No question about Short Sales
CREDIT SCORE= lowers it about 50 points for 12 to 18 months
CREDIT HISTORY= Not reported on a credit history
