A short sale will ding your credit, and in some circumstances, that ding may be nearly as severe as it would have been if you’d foreclosed on the home (both foreclosures and short sales are treated like a default on a loan).
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A short sale or foreclosure are both similar derogatory events on your FICO score. However, a short sale will have a lesser impact on your future ability to borrow than a foreclosure or deed-in-lieu of foreclosure.
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My understanding is that the short sale will affect your Fico score around 100 points. On the other hand I understand that a foreclosure will tap you up to 250 points. You are not alone so the effect may be watered down as the Foreclosure impact broadens across the country.
Whether you choose to foreclose on your home or opt for a short sale, the primary factor that will affect your credit score is how far behind you are on your mortgage payments. "A lot of people are under the misconception that it’s the foreclosure or the short sale itself that affects your credit," says Patrick Ritchie, author of "The Credit.
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Bottom line, a short sale will indeed negatively affect your credit score but the amount of the hit on your score is still out for debate. Some say it is as bad as a foreclosure while others say you will not be hit that bad.
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Short Sales and Your Credit. Many homeowners prefer a short sale to a foreclosure because they believe there’s less of a stigma attached to a short sale and that it won’t necessarily damage.
As debt grows and delinquencies rise in turn, Goldman Sachs will be able to take this changing of the credit cycle and use it to grab the. other companies basically put possible loans up for sale.