Short Sale Affect Credit
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Check out 10 benefits of short sale over foreclosure. Visit HowStuffWorks.com to learn more about the 10 benefits of short sale over foreclosure.. assets and credit. It’s a frightening situation. However, there is another option for some homeowners.. A short sale doesn’t absolve the borrower from the debt he or she incurred with the.
However, both a foreclosure and a short sale can lower your credit score and will stay on your credit report for seven years. Over time, though, you can improve your credit score through credit rebuilding techniques such as paying all your bills on time, reducing your debt, and, if necessary getting a secured credit card and making regular payments.
Both a foreclosure and short sale are reported and will affect your credit score about the same. From what I’ve read the ding to your credit score could be anywhere from 2-300 points. It could be slightly less on a short sale if you weren’t behind on payments.
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 adverse action was taken by the banks.
A short sale will blow a hole in your credit score, dropping it as much as 100-150 points, depending on where you started. The higher your credit score, the more you will fall. rod griffin, Director of Public Education for Experian, one of the three major credit reporting bureaus in the U.S.,
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A short sale can knock as much as 160 points off your credit score, but the level of damage heavily depends on your credit standing before the short sale and how much your lender gets in the sale, among other things. This is comparable to how foreclosure affects your credit: According to a FICO study,
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Credit Damage and Short Sales. A short sale occurs when you’ve sold your home for less than you owe on the mortgage, with your lender receiving the funds you were able to get for the dwelling. Short sale is not a formal financial term. The language on your credit report may state, "Pre-foreclosure that was redeemed," or,