- How It Works|
- FAQs|
- Help
- Log In to your account |
- Sign up now for free!
Credit Advice
Have a question? Have advice to share? The combined knowledge and experience of everyone in the Credit Karma community can help you. Enter your question or help others below to get started!
Question
Share this question with others:
Impact of a Short Sale Deficiency of $15k
How much would a short-sale where the bank forgives $15k affect my credit score and for how long? Thanks much.
Asked by
josephwford
1 year ago
Flag this Question
1 response
- Prev
- 1
Reply To This Question
The Credit Advice pages of the Site may contain messages submitted by users over whom Credit Karma has no control. Credit Karma cannot guarantee the accuracy, integrity or quality of any such messages. Some users may post messages that are misleading, untrue or offensive. You must bear all risk associated with your use of the Credit Advice pages and should not rely on messages in making (or refraining from making) any specific financial or other decisions.
Let the community lend a hand!
3 Most Recent Questions in Mortgage
Based on my credit score, how much of a home loan would I qualify for?
1 Response
Asked by pkchambers
under Mortgage
Credit Card Offers Just For You
These are the most popular credit card offers from Credit Karma members with credit similar to yours.
Orchard Bank Visa Cards
- Acceptance at millions of locations including website purchases and reservations
- Your account information is updated and at your fingertips 24/7 so you can manage it your way
- Email and text messages to remind you of your upcoming payment due date with online enrollment
Orchard Bank Classic MasterCards
- Acceptance at millions of locations worldwide, including website purchases and reservations
- Your account information is updated and at your fingertips 24/7 so you can manage it your way
- Email and text messages to remind you of your upcoming payment due date with online enrollment
Capital One® Secured Mastercard®
- Get the credit you need with no processing fees or application fees
- Automatic reporting to the 3 major credit bureaus
- Track credit with access to your credit score and other tools
Copyright© 2007-2012 Credit Karma™, Inc. Credit Karma is a registered trademark of Credit Karma, Inc. All Rights Reserved. Product name, logo, brands, and other trademarks featured or referred to within Credit Karma are the property of their respective trademark holders. This site may be compensated through third party advertisers.
From what you describe, that is a settlement where you negotiated an amount lower than your balance for the loan to be considered paid in full. It goes on the credit report as "Settled," which is considered a negative. Some scoring systems may look a bit more favorably than others on that, but it is still a negative, and will remain there for 7 years after the settlement date.
As to how much it affects your credit score? That really depends on your situation. Look at your credit score as an average. If that was the only installment loan, it will hit you pretty hard. However, if you have a couple of student loans and a car payment, it won't hit you as much, as you have some positives to balance the negative.
phnxangell 1 year ago