Short Sale vs. Foreclosure?

Short Sale vs. Foreclosure?

You make the call!

I get the question from people all the time: short sale or foreclosure, which is the better option? My knee-jerk reaction is always “Are you kidding? Short sale, of course!” This has been mostly because I was always under the impression that a short sale, although still a ding on your credit, was gentler on the score than a foreclosure.

But according to a recent blog post by FICO Banking Analytics, there is no real difference in the affect a short sale or a foreclosure has on your credit score. Both the impact in points and the time to fully recover is about the same for both events.

This put me in a precarious situation. All this time I had lauded the short sale as vastly superior to foreclosure, largely because of its less adverse affects on credit. So I was forced to do further research into which was the better option. In doing so I learned about benefits of a short sale I wasn’t even aware of, and found that the FICO blog was way off.

Each borrower’s credit situation is different, and the way that a creditor reports a short sale to bureaus is different. The reality is that hundreds of thousands of distressed homeowners who have chosen a short sale have experienced a lesser impact on their credit than those who have chosen foreclosure.

In a short sale, a distressed homeowner may be able to obtain another mortgage sooner than someone who has a foreclosure on his or her record. Also, more and more employers pull credit before hiring a potential employee, and a foreclosure can keep you from getting a job. Some employers pull credit reports on existing employees, and a foreclosure may not bode well in certain industries.



These benefits stacked against the negatives of foreclosure, including the embarrassment of public announcement and literally being kicked out of your home, make, in my opinion, short sale the reigning champion.

Now you make the call!

I 'm still losing

I haven't blogged for a while. Too busy. But I have lost weight 2 weeks in a row. Not a ton but I am still losing and not gaining. Yea! I am at 132.8. A lot better that 146.6. Less of me to have more fun this summer.

Yea! I did it again. Down 1.6 This Week

I am now down a total of 12.4 pounds since January 13th.
That leaves only 14.2 to go. It seems like it can happen now. I am almost half way there!!
Now I will go shampoo my carpet in the living and one of the extra bedrooms.
That should help a mite. 134.2 you will be 120 very soon!

Lost.4 Better than Gaining

10 more pounds until I look like my picture!!!

- 1.8 #'s What most folks realize immediately, when they see me, is that I do not quite look like my picture. I was at 125 pounds then. But today I have made a major headway. I have lost 10.4 pounds since January 13th. I am so excited! Just 6.2 until I get to my 10% target goal. Just 11.2 more to get to the picture. AND just 16.2 until I am at my personal goal of 120!!! It is so getting there. Just whittling away a little at a time.
And I have a closing today. A wonderful seller and a wonderful buyer. Can't ask for more than that!

138 Today

Okay so it's not a lot. But it is down and not up. Down .8 pounds is better than being up 1.6 so I am happy. One can go down a hill fast or slow but at least they are on the way.
But it sure made me feel better to get my perfect listing under contract!
Gorgeous home. I know the new buyers will love it. I will miss the sellers though. Great people.

Pondering Life

I just read that Dr. Alan Day had a fatal motorcycle accident. I know a lot of folks will curse the perils of the sport of motorcycle riding. I grew up on a motorcycle so, I, like Dr. Day have a healthy respect, yet not terror of motorcycles. I remember the freedom and relaxation of those rides as a teen. Now I love scuba and water skiing. Of course any of these things can be fatal if just the right thing happens at just the right time. But I have often thought, "What a way to go!"
Imagine riding along with the breeze rushing across your face, and then you are suddenly face to face with Jesus. I can see myself swimming in the sea at fifty feet, among the most beautiful of God's creation and then in a moment; I am at the feet of Jesus!
The chief end of man is to glorify God and enjoy Him forever. So hats off to Dr. Day who like Elijah went to Jesus while fully enjoying the life he was given. I'll bet he was praying as he rode.

138.8

I am so excited. 3 pounds gone this week. I only have 18.8 pounds to go. I made my first 5%WW goal and am heading for the 10%. Then I will go for the final hurdle.
So by spring I will be able to get rid of all my big clothes and wear the smaller ones.
I love success and hate failure so I am pumped!!

Monday Up a Bit!! 141.8

OK...so what do they say about failure?
Don't quit.
Just begin again.
I gained 1.6 pounds on the WW scale last Monday. It was totally due to the Super Bowl. I had a great week until then. After all what's a girl supposed to do for four hours, when her interest level is less than zero. Were it not for good conversation with friends, I could have gained 20 pounds!
But
I have been very good this week and think the 14th will be very sweet on the scale. I can hardly wait to see my weight on Monday. I think I will have made up for the bad week.

The IRS and State tax totals almost made me lose all the circulation in my face. But after looking at the accounts I am grateful that we have it to pay. We usually have extra put back...but at least we do have it!
Someone once said.
"If you're paying taxes, that means you're making money."
So there is that.
The new salon location is going great. I have gotten several new clients. Really nice folks,too. And I am getting good reviews from very appreciated existing clients.
The listing in Blackberry Springs is under contract.
Life is good.
Thank you for the blessings Lord Jesus! Give me a grateful heart!

Third Week 140.2

Lost again! Not as much but still less is more. Down 1.2 is better than up. It is still the size of a baby puppy, or a little over a block of American Cheese. I seem to find value in placing an object of the same weight to get a visual of what may now be missing from this body. Just 20.2 to go!!

I am so excited. I bought Logos 4 Scholar Edition software Friday and have it on my computer. It is amazing. So much information accessed in such an easy manner. Once I get my taxes finished I am all over it. I woke up thinking I could play with it today while we were in hibernation mode due to this weather. Then I remembered that I need to finish my tax reports. Fun times.Always something hanging over my head to do. Lose weight, clean house, do taxes, wash clothes, bathe the doggies.....
This next two days should get me caught up.

Second Week 141.4!

This is the second week of my less of me goal. And...hip hip or rather...less hip less hip hooray!The third week to weigh. The second on the program.
I lost another 2.4 pounds!For a two week total of -5.2 pounds. So why did I not get a star at the meeting today?
Well...it is due to my failed attempt a few months ago. When I went months ago I weighed 142.2. So my first meeting this time on the 13th showed a gain of 4.4 over that months ago 142.2 weight.
Then on the 17th I lost 2.8 from the 146.6, but only .02 from the months ago 142.2.
This week I lost a new 2.4 which is only 2.6 from the 142.2 but 5.2 from my new beginning.
Weight on January 13th 146.6. Weight on January 24th 141.4.
Sooo... since January 13th,2011 I have lost 5.2 pounds. And I did get a five point star on my electronic tracker. So yea me.
And I do not crave chocolate.I am totally satisfied and enjoying what I am eating.
Dan and I are cooking out of new cookbooks together. It gives us somethng to do together and seems less like a chore.
Thanks Weight Watchers.

There 's Less of Me!

I did not get to the computer for purposes of goofing off yesterday. But I did weigh in. I lost 2.8 pounds. My new official weight is 143.8. I only have 18.8 pounds to lose to look like my business card picture that is virtually everywhere. I have 23.8 to lose to get to my personal goal.(I think that is more than my granddaughter weighs).
I like the new WW system. I resisted learning a new system but this is much more comfortable than the old one.It is totally reasonable that I could be at my goal in 12 weeks. That would be April 11th,2011. Let's see if I make it.
120 by April 11th weigh in.

Day Two

I have made it two days in a row!
On my way home from the gym last night I decided to go by the grocery store for veggies and health foods.
I thought,"Weight Watchers has a new system. Perhaps they have a meeting tonight." I checked my phone and they did at 5:30. It was 5:10. I checked out;drove across town and made it to be in the back of a very long line. I told the attendant that I was a ...lifetime...member...but I did not have my credentials. She found me on the system and in a very non judgemental manner got me set back up. The guilt of relapse caused me to spend about $40 extra dollars on stuff I did not need. Oh well. That is the Democrat way isn't it. Spending will take the weight off won't it? (kidding) Now that the Republicans control congress perhaps I should eat less and move more. So off to Aspen I go. Not Colorado, the gym.

Fat Fat Fat

Today is the day. How many thousands of times have I made that pledge??
Today is the day I will go to the gym. Today is the day I will eat right. I will not eat chocolate.
How many times??? I actually got down to 113 pounds and kept it off for several years. So why why why did I not keep it off? Well, there is no day like today.
So anyone who cares...today is the day. Today I am going to eat right and go to the gym. My weight today is 145 yucky pounds for a very short girl!I will post on Monday my weight once a week until I am back at 120 pounds. I will not eat because someone hurt my feelings. I will not eat because I am stressed. I will not overeat because it is tasty. I will not eat for emotional reasons, bored reasons, lonely reasons or all those excuses I tend to collaborate!
Today is the Day!

Something to Think About

The 26th amendment (granting the right to vote for 18 year-olds) took
only 3 months & 8 days to be ratified! Why? Simple! The people
demanded it. That was in 1971...before computers, before e-mail,
before cell phones, etc.

Of the 27 amendments to the Constitution, seven (7) took 1 year or
less to become the law of the land...all because of public pressure.

I'm asking each addressee to forward this email to a minimum of twenty
people on their address list; in turn ask each of those to do
likewise.

In three days, most people in The United States of America will have
the message. This is one idea that really should be passed around.

Congressional Reform Act of 2011

1. Term Limits.

12 years only, one of the possible options below..

A. Two Six-year Senate terms

B. Six Two-year House terms

C. One Six-year Senate term and three Two-Year House terms

2. No Tenure / No Pension.

A Congressman collects a salary while in office and receives no pay when they are out of office.

3. Congress (past, present & future) participates in Social Security.

All funds in the Congressional retirement fund move to the Social
Security system immediately. All future funds flow into the Social
Security system, and Congress participates with the American people.

4. Congress can purchase their own retirement plan, just as all Americans do.

5. Congress will no longer vote themselves a pay raise. Congressional pay will rise by the lower of CPI or 3%.

6. Congress loses their current health care system and participates in the same health care system as the American people.

7. Congress must equally abide by all laws they impose on the American people.

8. All contracts with past and present Congressmen are void effective 1/1/11.


The American people did not make this contract with Congressmen.
Pasted from an email I received:
Congressmen made all these contracts for themselves.

Serving in Congress is an honor, not a career. The Founding Fathers
envisioned citizen legislators, so ours should serve their term(s),
then go home and back to work.

If each person contacts a minimum of twenty people then it will only
take three days for most people (in the U.S. ) to receive the message.
Maybe it is time.

THIS IS HOW YOU FIX CONGRESS!!!!! If you agree with the above, pass it
on.