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Regular Contributor
randaljon
Posts: 229
Registered: ‎02-15-2011

Short sale vs Foreclosure

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‎04-25-2011 01:42 PM

How damaging is a short sale to your credit? Is it as bad as a foreclosure? How big a drop in credit score would I see and how long will it be posted on credit reports?

Starting Scores(Jan/2011): EQ 564 TU 538 EXP 576
Current Score: EQ 692 TU 728 EXP 710 (Quizzle FAKO)Goal Score: 720

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ShanetheMortgageMan
Posts: 6,438
Registered: ‎09-28-2007

Re: Short sale vs Foreclosure

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‎04-25-2011 02:33 PM

Part of it will depend on the mortgage payment history leading up to a short sale.  Someone with no late payments and then all of a suddent a short sale/"settled for less than full" notation appears, then it'd hurt the scores a lot less than if there was several 120 day lates, 90 day, 60 day and a 30 day late leading up to it.

ShanetheMortgageMan
"Knowledge is knowing a tomato is a fruit. Wisdom is not putting it in a fruit salad."
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