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The effect on your credit may vary due to the mortgage holder and the credit bureau. So, ask your mortgage holder how it will be reported, then check with the credit bureaus. Keep in mind, there’s a ‘psychological’ factor to the short sale on your credit-no matter how many points it is lowered.
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Does a Short Sale Affect Your Credit Score? – The way the lenders report the short sale also can have a significant impact on the damage to your credit score. In addition, any late mortgage payments you made before the sale will further undermine your score. Finally, if the lender obtains a deficiency judgment to collect the balance of the mortgage,
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How does a Short Sale affect your Credit Score – JustAnswer – The short sale itself – selling the property for less than the mortgage outstanding – will not affect your credit score. If because of the short sale – you will be forgiven the difference – that will affect your credit score – depending on the amount – by 100-300 point.
How Will A Short Sale Affect My Credit Score? – · Long Term Credit Score Damage from a Short Sale. While the immediate impact is painful, the worst is yet to come for your credit score. There is a myth in personal finance that a foreclosure is significantly worse than a short sale when it comes to your credit score. Unfortunately, this.
How Does Short Sale and Foreclosure Affect Your Credit Score? – How Does Short Sale and Foreclosure Affect Your credit score? Well, the Credit Impact for a Foreclosure vs Short Sale can be dramatically different. When property owners fall behind on their mortgage payments they are faced with the decision to try a short sale or just let the property go to foreclosure.
Credit Damage and Short Sales. A short sale occurs when you’ve sold your home for less than you owe on the mortgage, with your lender receiving the funds you were able to get for the dwelling. Short sale is not a formal financial term. The language on your credit report may state, "Pre-foreclosure that was redeemed," or,
How to Revive Your Credit Score after a Short Sale | Fox Business – More and more homeowners are turning to short sales on their homes in order to avoid foreclosure, but a short sale can be almost as damaging to your credit score as a foreclosure.