CAR Short Listing Addendum form (CAR Form SSL, 8/07) clearly states:
"A Short Sale may have negative impact on Seller's credit rating even if foreclosure process has not officially begun or once begun, is not completed".
What is your experience with the Short Sale? Was your clients FICO score impacted? Always? Some times? Do you know how this might change once the new algorithm is in place in September? Please share your experience and thoughts.
Artur,
It has about a 150 point negative impact vs. foreclosure which has a 250 point negative impact. I am not sure how it is going to affect the new chages to the credit industy