Short Sale Score Impact one 30 day late

[Anonymous]

I'm wondering if anyone can answer the question of how will ONE 30 day late prior to a short sale affect an otherwise great credit score of over 800?  This is not your typical 120 day late short sale, we kept current until just prior to the sale closing. 

[Anonymous]

In any case, the short sale is going to tank you credit score and cause credit problems.  The 30 days late will have little extra effect.  Yes people who have many continuous lates will get hit a little harder on the credit, but at an 800 FICO, you are probably looking at 100-150+ point drop just on the short sale.  You will be lucky to stay oin the 600's after the 30 day late and the short sale hit your report.

[fused]

I'm sorry to add more misery, but if the lender also reports a balance owed on this short-sale, your FICOs might tank even more.

[Anonymous]

I have a question.  After reading above that a short sale still hurts your score and credit worthiness, why not just let the property foreclose?  Just trying to learn.  Thanks.

[Anonymous]

It doesn;t hurt your score as much as a foreclosure (although close)  Also, there is thought that down the raod peopel who did short sales may get a little better treatment on future mortgages than foreclosure.  Credit wise it is kind of like the difference between making a settlement on your credit card and paying that off verse not paying it and getting a chrage off.  Both are very bad for your credit but they do have different affects.

[itzateach]

Buying After a Short Sale

The waiting period is 2 years. However, if a seller does not have a 60-day late pay, that seller may immediately buy another home. It's a reason to stay current on your payments while the home is on the market as a short sale.

How can your score tank that much if you are only 1 30 day late and the above says you can buy immediately???