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. .
It is our goal to keep a foreclosure from haunting your credit for years to come.
Click on my eBook about Short Sales.. .you will have a clearer vision when you are contemplating a short sale as an option.
Why Should You Call Us If You Are Short Selling Your Home?
Fernando Herboso is a Certified Distressed Property Expert
and a Gold Member Certified Default Resolution SpecialistTM with (CDRS)
You can reach me (Fernando Herboso) by calling him directly@ 240-426-5754
or email : Fernando@Herboso.com
We can serve you in Maryland, DC or Virginia
The Power Of Active Rain
How Much A Short Sale Cost Me After All?