Is A Short Sale Bad For Your Credit
What's the Difference Between a Foreclosure and a Short Sale? – From a credit perspective, having a short sale on your report is far better than having a foreclosure. They typically last for less time on your credit report and do not look as bad to future lenders. From the perspective of someone looking to buy a short sale property, you will usually be dealing with the homeowner or their agent rather than a.
How Much Will A Foreclosure Or Short Sale Hurt My Credit Score? – A foreclosure and a short sale have similar negative hits on your credit score. A foreclosure is generally worse because you are not working with your bank whom you owe money to settle your debts. A short sale, on the other hand is debt forgiveness. Your bank agrees to forgive the difference between the sale and what you owe.
If you had to short sale your home at any time, you are not alone. Here are the steps to help rebuild your credit after a short sale.
Myth: My credit will be ruined if I short sale my home. Truth: Your credit score will suffer as a result of a short sale, but the impact is different for everyone. There isn’t a sure way to know exactly how much your credit score will suffer if you short sale because there are many factors that determine your score.
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How a Short Sale Can Hurt Your Credit – Credit Info Center – 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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10: It can protect your credit. – 10 Benefits of Short Sale. – It can protect your credit. From a lender’s perspective, it’s better to recover a portion of a mortgage loan than to absorb a total loss. Therefore, in lieu of a foreclosure , banks will often settle for a short sale.
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A short sale will stay on your credit report for as long as a foreclosure, which is about seven years. A short sale is not as bad as a foreclosure in the eyes of lenders, so it’s possible you.
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