Groups are smaller communities within the larger ActiveRain. Join groups created by others. or start your own and
get others to join
This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
Curious as to what others in your profession think about a certain product or tool?
AR's community takes the time to leave honest and transparent reviews of their experiences
so you can be a bit wiser about your purchase.
Broken down by categories and subcategories for easy finds
Get an unfiltered look at what real users are saying
Leave a review yourself for others to benefit from
Add new products as you use them and gain points for doing so
ActiveRain University (ARU) provides free on-line training. We coach, consult and support real estate professionals about real estate trends, technology and social media.
ARU Calendar provides class types and registration links
Watch short tutorials on updating your photo, inserting a hyperlink and much more
Sign up for the Daily Drop so you don't miss out on AR's daily happenings
Find answers to most FAQ's
Whatever it is you're into and wherever you are, AR surely has a group for you to join.
Brand, off the wall, specific subject matters…whatever it is you're looking for.
Each time you write a post you can syndicate your post to 5 groups.
And if by chance you don't find what you're looking for, start a new group today!
Get your content in front of more eyes
Search by location or type
Feel free to start your own group
Find some that are close to home and close to heart
Each month AR runs numerous contests as a way for our members to engage in activities
that will boost their business and increase their visibility in the community and beyond.
Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
If you have an idea for a contest, just let us know
Stay motivated and on track with new contests popping up each month
Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
Ask a question yourself to get help
These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
The impact of short sales and foreclosures on your credit score by Katerina Nikolas
Faced with the prospect of losing their home many people also worry about the negative impact it will have on their credit score. Despite current financial difficulties they often consider how either a short sale of foreclosure will limit their future ability to borrow money or enter the housing market again. Homeowners often consider their credit score as one of the factors determining whether they opt for a short sale rather than wait for a foreclosure.
There is quite a lot of misguided advice available regarding the differing impact that short sales and foreclosures carry related to the credit score system. Real estate agents often assure owners that short sales will have less impact on credit scores than foreclosures, without being in a position to determine this without being fully appraised of the overall financial situation of the owner.
The crucial difference isn't really in the immediate effect that a short sale or foreclosure makes to the credit score, but rather to the long term effect on the credit report. Foreclosures will show as such on credit reports for a minimum of seven years, and up to ten, and are viewed as only secondary to bankruptcy in the eyes of most lenders. It is possible to have a foreclosure removed from the credit reports after seven years, by sending a written request to each of the three main credit bureaus, TransUnion, Experian and Equifax.
A short sale will be registered in a different way on the credit reports determined by how the lender marks it. It may show up as a ‘settlement', which isn't good but has less long term damage than ‘foreclosure'. Alternatively lenders may mark it as ‘redemption' or ‘pre-foreclosure redemption' which carries less negative connotations.
In the case of both short sales and foreclosure the property owner will have missed payments recorded at 30 at 30 days, which reduce the credit score by 40-110 points. By the time default is reached at 90 days a further 70-135 points will be dropped, so already the score has decreased by between 110-245 points and there is no difference between the delinquent payers.
The negative drop will be influenced by other factors such as if other debts are also delinquent or are still being met on time. By the time default is reached both delinquent payers will be considered to be in breach of the agreed contract and their credit reports will record the accurate fact of ‘serious delinquency'.
Both short sales and foreclosures will cause a further hit to the credit score of between 85-160 points. Thus the potential drop in credit score can range from approximately 200 points to 400 points. However it is possible for the short seller to face a biggerdrop than the person foreclosed on if their total debt is delinquent or if the mortgage was the only debt. The variables are related to the overall credit burden of the delinquent mortgage payer at the time. Either scenario though will result in a significant fall in the Fico score.
However it is possible to re-establish credit within a year or two. Those who have sold short will be considered by most lenders as eligible for a new mortgage far sooner than those who went through foreclosure, as lenders take the total credit report findings into consideration, not just the credit score.
It is inevitable that anyone who finds themselves going through a short sale or foreclosure will suffer a high credit score hit which will take quite a while to rebuild.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.