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Just completed a short sale. what will that do to score
Had short sale and it was just closed last week. How long before I will be able to increase score
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dkdk1735
1 year ago
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Don't take this as gospel, but I've heard that a short sale has about the same impact on your credit score as a foreclosure. So what! It gets you out from under the loan, and you can move forward from here. Good luck.
sfbrown 1 year ago
A short sale is the new PC name for a voluntary foreclosure and as such it will affect you for a long time to come. Odds are you will also be hearing from a collection agency or attorney and they'll also come after you for the deficiency so you'll end up with a judgement against you as well.
Dogslurp 1 year ago
From what I've read - the shortsale itself is not nearly as bad as a foreclosure and depending on your score will see about a 50 point drop. However, if you were late on the mortgage before the short sale, those lates will effect your score more than the actual short sale itself will. Current mortgage lenders require a 2-3 year period before buying a new house after a short sale, and usually 5 years for a foreclosure.
markcowley 1 year ago