Effect of a Short Sale on Your Credit Score. Nickel July 21, She said that is because those with good credit scores are much more responsible and by doing a short sale or foreclosure would hurt them more in the end run, with the thinking behind it that those with the good credit scores 700s.
Foreclosures and Short Sales, Equal Ills.. the loan modification might not even show up on your credit reports or FICO credit score. A foreclosure and short sale inflict equal damage to your.
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Foreclosures, Short Sales & Credit Scores – activerain.com – I am often asked this question by sellers pondering foreclosure or deed-in-lieu of foreclosure versus a Short Sale. It may be easier to look at how foreclosure affects credit in ways that a Short Sale does not.. and only with a minimum credit score of 680.. Fair Housing and Equal.
· A short sale is better over time as long as you don’t have a deficiency judgment for the loss that the bank took with the sale. "FICO said homeowners with short-sales and foreclosures on their records ended up with similar credit scores, assuming their scores were similar as distressed homeowners (see illustration below)."
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If you’re a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale, says Coy. She reports that according to "Score Factor Code #22, there’s no credit score advantage for a delinquent borrower on a short sale over a foreclosure."
With time and patience, you can rebuild your credit rating. Here’s how foreclosure, short sales, deeds in lieu and late mortgage payments affect your credit rating, and how you can repair the damage. Foreclosure: Your credit score can drop by as much as 200 to 300 points if you’re forced to give your home up to foreclosure. This drop.
In my post Credit consequences of the Short Sale we came to a joint conclusion that the FICO score penalty for short sale is 150 points and for foreclosure 300 points. I have just received an email from myFICO stating that there is no difference in the penalty for short sale and foreclosure: "However, as far as your FICO score in concerned, there is no difference between foreclosures and short.