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New Contributor
UplandCitizen
Posts: 54
Registered: ‎10-18-2012
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Re: 2012 (current info) on the impact of a short sale without late payments.


esg wrote:
Wow, that didn't take long.:-( I imagine its pretty disappointing...I guess it's true if you have a high score you fall farther. 692 is still better than a lot of people who haven't gone through this...and not far off from a good score. Since you are the responsible type I'm sure you'll recover before long and the fact there are no late's looks good. Will let you know what happens to my score. Thanks for the info.

It's about where I figuered the score would go, if not a little higher.  Be interesting to see how fast it increases since I'm not too far from 700.   Good luck on the process, i will start up dating my post as I get ScoreWatch notifications. 

EQ: 806 (10/10/2012)
TU: 811 (11/25/2012)

After Short Sale 11/20/12:
EQ: 694 (12/1/2012)
TU: 677 (12/5/2012)
Member
esg
Posts: 21
Registered: ‎10-01-2012
0

Re: 2012 (current info) on the impact of a short sale without late payments.

Ok...update. I closed on December 7th. My 30 day late on the primary mortage reported today and my score dropped 75 points (768 to 693). They are still showing the mortgage account as open with a past due amount. No mention of the short sale yet...or settlement/report on the equity line. WIll post again when I get new info.

New Contributor
UplandCitizen
Posts: 54
Registered: ‎10-18-2012
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Re: 2012 (current info) on the impact of a short sale without late payments.


esg wrote:

Ok...update. I closed on December 7th. My 30 day late on the primary mortage reported today and my score dropped 75 points (768 to 693). They are still showing the mortgage account as open with a past due amount. No mention of the short sale yet...or settlement/report on the equity line. WIll post again when I get new info.


 

I'm glad you finally closed your short sale.  So sorry about the 30 day late and the score drop.  :smileysad: 

 

Is the score from Scorewatch?

EQ: 806 (10/10/2012)
TU: 811 (11/25/2012)

After Short Sale 11/20/12:
EQ: 694 (12/1/2012)
TU: 677 (12/5/2012)
Member
esg
Posts: 21
Registered: ‎10-01-2012
0

Re: 2012 (current info) on the impact of a short sale without late payments.

UPDATE. Today Chase reported my mortgage account as closed  "Legally settled for less than agreed" The 30-day late got replaced with an "FP" (Failed to pay) for December. I know this is going to seem wierd, but my score went up 31 points. In early January my score had gone up 25 points for paying off a small installment loan, so I am almost back where I started..huge relief!! This is Experian. I know that Transunion is pretty close to Experian and Equifax is typically the worst. I also just dumped my big truck for a little econo car that gets 40mpg with small payments. Getting financially fit...:-)

Valued Contributor
JM-AM
Posts: 3,303
Registered: ‎06-09-2010
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Re: 2012 (current info) on the impact of a short sale without late payments.

Glad things are looking better for you.
Good Luck
May all your dreams and wishes become a reality!
New Member
rlw66
Posts: 3
Registered: ‎01-16-2013
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Re: 2012 (current info) on the impact of a short sale without late payments.

That link is very helpful. It doesn't address credit scores, but it says that FHA will consider someone as immediately eligible for a new mortgage if they were never behind at the time of the short sale. Otherwise, they have to wait at least 3 yrs.

New Contributor
UplandCitizen
Posts: 54
Registered: ‎10-18-2012
0

Re: 2012 (current info) on the impact of a short sale without late payments.

I'm glad this is done.  So, what is your current score?  I'm glad it has actually gone up. 

EQ: 806 (10/10/2012)
TU: 811 (11/25/2012)

After Short Sale 11/20/12:
EQ: 694 (12/1/2012)
TU: 677 (12/5/2012)
New Contributor
UplandCitizen
Posts: 54
Registered: ‎10-18-2012
0

Re: 2012 (current info) on the impact of a short sale without late payments.

[ Edited ]

Experian?  This is not from ScoreWatch at Myfico is it?  If not MyFico, which provider are you getting the score from?   Please note that my wife obtain a Fico or Fako score from Experian directly and her score was not seriously affected by the Short Sale, which made me think their scoring may be off.

EQ: 806 (10/10/2012)
TU: 811 (11/25/2012)

After Short Sale 11/20/12:
EQ: 694 (12/1/2012)
TU: 677 (12/5/2012)
Member
esg
Posts: 21
Registered: ‎10-01-2012
0

Re: 2012 (current info) on the impact of a short sale without late payments.

I joined freecreditscore.com to monitor my credit. You can re-run your whole detailed report each time it alerts you to a change. You can pay extra and monitor all three bureaus, but I only am monitoring Experian. My Experian score is now 749. When I bought my car last week, the dealership (Mazda) used Transunion (Toyota uses Experian) so I found out my score was about the same on Transunion (746). At 746, I qualified for the best interest rate available (They said 680 was all I needed). The only score I don't know is Equifax, which I hear is the most conservative (will be the lowest) and a lot of banks and credit unions I'm told don't use that (at least for smaller loans -- a mortgage might be a different story). In early January, I was also able to close on a re-finance for an investment home in Colorado and take my ex-husbands name off since he elected not to keep it. I am still amazed the short sale itself didn't hurt me more. Maybe it was becasue I already had been brought down by the 30 day late?? That's interesting your wife's score was not as affected. Was it lower than yours to begin with? I wonder if my ex-husbands score got hurt more than mine?? We were both on title. It's a mystery, but I definitely feel very fortuneate at this point.

New Contributor
UplandCitizen
Posts: 54
Registered: ‎10-18-2012
0

Re: 2012 (current info) on the impact of a short sale without late payments.

It would be realng to know what myfico says about your scores. I've read on different threads the myfico and lenders have the official scores since myfico measurement formulas are proprietory. But, you do have a lender pulled fico score, was the short sale reported on that score? I'm only saying this because I've seen the same problem with my wifes score. When she pulle it from experian which is a fako score, her score wasn't really affected, which mad me think they don't have the official formula.
EQ: 806 (10/10/2012)
TU: 811 (11/25/2012)

After Short Sale 11/20/12:
EQ: 694 (12/1/2012)
TU: 677 (12/5/2012)

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