Short Sale Affect Credit

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How foreclosures, short sales, other mortgage defaults affect your credit How foreclosures, short sales, other mortgage defaults affect credit It’s bad, but if you’ve kept up payments, you’ll limit the damage, recover faster

According to the Fair Isaac Corporation’s blog, a short sale with a deficient balance can negatively affect your credit as much as a foreclosure. For example, if your FICO score was about 680.

A foreclosure and a short sale have similar negative hits on your credit score. A foreclosure is generally worse because you are not working with your bank whom you owe money to settle your debts. A short sale, on the other hand is debt forgiveness. Your bank agrees to forgive the difference between the sale and what you owe.

A short sale does adversely affect your credit, but not as much as a foreclosure. I would recommend taking a loan out for the difference and paying off the mortgage instead of doing a short sale. Its better for your credit and paying back debt is the "right thing to do".

Well, a short sale is definitely a negative on your credit and it is up to the mortgage company how they want to state it on your credit report. It is definitely much better than a foreclosure or a bankruptcy, as those both will be on your report for 7 years.

How will the deed in lieu affect my credit score?. unaffordable mortgage – foreclosures and short sales, in which the lender agrees to accept a.

A short sale does not have to affect your credit score and yo don' have to be delinquent to complete a short sale. I have negotiated 3 short sales where no.

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The Impact of a Short Sale on My Credit Score.. to accurately assess the impact of a short sale. Video of the Day . Brought to you by Sapling. Brought to you by Sapling .. Does Getting Turned Down for a Mortgage Affect Your credit score? late on Payments Vs. Filing Bankruptcy;

How to Revive Your Credit Score after a Short Sale.. a lender will agree to report a short sale as "paid," which will not affect a credit score negatively – but this is rare and takes.