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Registered: ‎07-09-2007
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foreclosures/short sales/etc.

[ Edited ]
does anyone know if any of the following lowers FICO scores more than the other?

deed in lieu of foreclosure
short sale
foreclosure

i'm trying to decide if one is the lesser of the three evils and which would hurt my scores the least, if any. any input would be appreciated!

Message Edited by pmegan on 07-10-2007 07:09 AM
Established Contributor
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Registered: ‎05-03-2007
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Re: foreclosures/short sales/etc.

i think any of the three are going to royally screw you.  how short of a sale are you looking at?
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Re: foreclosures/short sales/etc.



dog wrote:
i think any of the three are going to royally screw you.  how short of a sale are you looking at?





it's not too much less. what i am wondering is if from a scoring standpoint one would be fewer points FICO score-wise than another. would one choice be better than the other from a scoring standpoint?
Established Contributor
Posts: 630
Registered: ‎06-20-2007
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Re: foreclosures/short sales/etc.

Try to negotiate with the bank about the reporting of the short sale. Its worth a try!  Remenber get it in writing.
9/18/08 TU=707 EQ=706 EX=702
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Posts: 6,182
Registered: ‎03-29-2007
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Re: foreclosures/short sales/etc.

I believe each is equally bad. I will try and confirm.  
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Re: foreclosures/short sales/etc.



Tuscani wrote:
I believe each is equally bad. I will try and confirm.  





that would be great. thank you! :smileyhappy:
Established Contributor
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Re: foreclosures/short sales/etc.

i am in agreement with confused to try to negotiate a short sale with no bad reporting.  is there no way possible you could get a loan to make up for the short sale?
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Re: foreclosures/short sales/etc.

Foreclosure: Worst. They will sell home at auction, and if it sells for less than you owe...well add that to the legal fees they will rack up for ya.
 
Shortsale: Really Bad. Almost the same scenario. You will owe difference on sale price proceeds (Keep in mind the realtor's fees and closing fees) Plus any outstanding taxes.
 
Deed-in-leiu: Bad, but best. You simply sign the deed and give the property back. I would spend $500 to let an experienced real estate attorney read the paperwork.
 
I'm realy sorry to hear you are in this situation. BUT: Maybe it's the harbinger of better thing to come.
" I like to live as a poor man, with a lot of money." - Pablo Picasso (who was a jerk.)
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Re: foreclosures/short sales/etc.

In terms of seriousness or severity, they're all treated with the same.  Where differences in treatment occur, are where any balance and past due amounts are also being reported (with the higher the dollar amount, the lower the score).

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