Destin Florida Real Estate – Short Sales – Foreclosures

Curious what will happen to your credit score after a short sale?

The answer is… it depends.  How many mortgage payments did you miss?  How much debt do you have?  What is your outstanding balance to available credit ratio?  What is your overall payment history?  Your “point” impact will be calculated by FICO based on these and several other criteria.  Here is an actual example of how a short sale affected my Destin short sale seller’s credit score.

Property:  Destin short sale condo – investment property (not owner occupied)

Lender:  Aurora Loan Services

Number of Missed Mortgage Payments:  23

Short Sale Reporting:  “Settled for Less Than Full Amount”

Previous Credit Score: 745

“During Short Sale” Credit Score:  646

Credit Score 30 Days After Short Sale: 732 687 and 679 (from the three credit bureaus, Equifax, Transunion and Experian)

My Destin short sale seller was amazed that his credit score seemed to shoot right up after his short sale was complete.  This is not always the case. The bottom line is – you won’t know how your score will change until you complete your short sale.  But don’t be dismayed, you CAN start to rebuild your credit immediately.  And don’t be suprised if your financial future is brighter than you think.

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

www.ShortSaleSuperstars.com for agents

Read Wendy’s Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field. 

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A homeowner recently emailed me quite concerned about a letter she received from Aurora Loan Services.  She had a second mortgage with them for $29,700 at 12% interest.  She had never been late with her payments and was not selling as a short sale.  The Aurora letter stated she could pay her loan off now at about one-third what was owed, and would have no further obligation on the note! 

Dear Customer:

Certified payoff proceeds must be made payable to and remitted directly to Aurora Loan Services. If you have any questions, please contact one of our representatives by calling 866-459-3059

Is this offer for real?  Apparently so, as the borrower called Aurora Loan Services and confirmed it. They said they were doing it “to help people” and their phones were “ringing off the hook”.   And what a deal -  even with tax consequences, it seems to make sense to pay $10,400 and save almost $20,000 in cancelled debt and interest payments! I advised the borrower to consult with an attorney, as she questioned sending in a cashiers check with only the letter to prove her mortgage would be paid in full. 

Why is Aurora really doing this? Perhaps the investor on this loan is looking for some quick capital to cover losses? If you have any similar experiences with Auorora Loan Services, report it here.

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Destin FL Real Estate

Destin Short Sales & Pre Foreclosure Help.

Read Wendy’s Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy: itswendy@rulnickrealty.com

Wendy is a short sale and pre-foreclosure specialist and has been featured in “Kiplinger Personal Finance Magazine” and “Florida Realtor Magazine”. Call Wendy Rulnick, Broker/Owner,to list and sell your home or condo on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.

Compared to my last 5 month drama with Aurora Loan Services, this was a dream Short Sale approval!

Subject:  2047 SF Home in Paradise Retreat, Destin Florida

Mortgage: Aurora Loan Services – $400,000

Fair Market Value:  $217,000

Amount Forgiven:  $183,000

Timeline:  26 Days from Fax to Approval

Key to Success:  Strong contract, reasonable closing costs, committed buyers, complete and thorough package

It’s Wendy!

Wendy Rulnick, Broker, CRP, CRS, GRI, ABR     Rulnick Realty, Inc.

Search Destin FL Homes For Sale

Destin and Fort Walton Beach Short Sales & Pre Foreclosure Help.

Read Destin Real Estate Blog

Call toll-free 1-877-ITS-WNDY (1-877-487-9639) or local 850-650-7883 ext 204

Email Wendy to sell your home or buy a home: itswendy@rulnickrealty.com

Call Wendy Rulnick, Destin real estate agent, to list and sell your home or condo or help you buy a home or rental property on the Emerald Coast of Florida in Walton, Okaloosa and Santa Rosa County-  Destin, Santa Rosa Beach, Fort Walton Beach, Niceville, Bluewater Bay, Navarre, Seagrove Beach, Watercolor, Sandestin, Seaside, Crestview, Rosemary Beach, Mary Esther, Shalimar, Eglin AFB, Hurlburt Field.   Wendy is a short sale and pre-foreclosure specialist and can help you sell or buy a short sale property in and around Destin Florida and the Emerald Coast.

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