| Kim Ujcich Your Lexington, South Carolina Realtor |
Listing and Selling Real Estate in the Greater Columbia Area, Including Lexington, Irmo, Lake Murray |
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I may be able to help you or someone you know avoid foreclosure 
If you or someone you know in the Greater Columbia
Area including Lexington and Irmo is facing the possibility
of foreclosure please feel free to call or email me for a
confidential consultation. I can be reached at 803.260.1372
or emailed at kujcich@sc.rr.com. It is important you know
if you are behind on mortgage payments, foreclosure may
NOT be your only option. I may be able to help you avoid
foreclosure and save your credit. I am a Realtor with
the CDPE Designation and I have knowledge and
experience with distressed properties. I will be able to
give you facts which will help you make an informed decision.
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Foreclosure may not be your only option. Call Kim for a confidential consultation. Foreclosure is the legal process by which an owner's right to a property is terminated, usually due to default. 
Short Sale is a negotiation entered into the the homeowner's mortgage company or companies to accept less than the full balance of the loan at closing. A buyer closes on the property and the property is "sold short." FORECLOSURE VS.SHORT SALE
Home Owner Consequences
| ISSUE | FORECLOSURE | SHORT SALE |
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| Credit Score | Score may be lowered from 250 to over 300 points. Typically will affect score for over 3 years. | Only late payments on mortgage will show and after sale mortgage will be reported as paid or negotiated. This will lower the score as little as 50 points if all other payments are being made. A shore sale's affect can be as brief as 12 to 18 months. |
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| Credit History | Foreclosure will remain as a public record on a person's credit history for 10 years or more. | Short Sale in not reported on a credit history. There is no specific reporting item for 'Short Sale'. The loan is typically reported 'paid in full, settled'. |
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| Future Loan with any Mortgage Company | On any future 1003 application a prospective borrower will have to answer YES to question C in Section VIII of the standard 1003 that asks "Have you had property foreclosed upon or given title or deed in lieu thereof in the last 7 years?" this will affect future rates. | There is no similar declaration or question regarding a Short Sale. |
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| Future Fannie Mae Loan (Primary Residence) | A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae backed mortgage for a period of 5 years. | A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae backed mortgage after only 2 years |
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| Security Clearances | Foreclosure is the most challenging issue against a security clearance outside of a conviction of a serious misdemeanor or felony. If a client has a foreclosure and is a police officer, in the military, in the CIA, Security, or any other position that requires a security clearance in almost all cases clearance will be revoked and position will be terminated. | A Short Sale on its own does not challenge most security clearances. |
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In order for a Short Sale to be accepted by the bank the borrower must prove a financial hardship. Here are a few examples of financial hardship: 1. Loss of job
2. Business failure
3. Death of a spouse
4. Death of family members
5. Divorce
6. Medical Bills
7. Payment increase or mortgage adjustment
8. Reduced income To learn more about the Short Sale process please contact a CDPE, contact Kim Ujcich, Realtor/ABR/CDPE. I can help.
This information provided by The Distressed Property Institute
www.cdpenow.com
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