Your Credit in a Foreclosure vs. a Short Sale - Chesterfield County, VA Short Sale Broker
By Marcus Rice, Richmond, NOVA, Virginia Beach Area Realtor/Broker
(Equity First Realty )
Your Credit in a Foreclosure vs. a Short Sale - Chesterfield County, VA Short Sale Broker Know that sellers will take a bigger hit on their credit report by going through foreclosure than going through a Short Sale.Of course paying you mortgage with a few late payments and modifying your loan is the best course of action, however that topic is for a different blog.FICO score may sway towards the following:Foreclosure A hit of 200 to 300 points may occur within the 3 different credit bureaus. This means if a seller's FICO score before foreclosure was 720, it could dip lower than 300. The seller has to also consider the initial dings from the lates caused prior to the end of the foreclosure.Short SaleThe affect of a short sale on a seller's credit report is much less damaging. The ding o...
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