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What effect will a short sale -vs- a foreclosure have on my credit?
What effect will a short sale -vs- a foreclosure have on my credit? Foreclosure could remain on your credit for up to seven years while a short sale usually gets reported as a “settled debt” and is significantly less damaging on your credit. With a completed short sale, your FICO score will not be as negatively impacted as it would be with a foreclosure, that has been proven over and over again. . and that fact will help you get into a new home much sooner as well. Herboso & Associates is not a credit counseling agency, but credit experts in general say that a foreclosure will typically reduce a borrower’s FICO score by 250 to 280 points. A short sale, on the other hand, will typically only result in an 80 to 100 point hit to the borrower’s credit and a significantly shorter waiting period before buying another home. Please do not rely on this post or just "Google it" for an answer to such an important question.. .you should contact a credit expert for more information about your specific situation. We help people do short sales. After a denied loan modification, a short sale could be your best option. ... more
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