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Wells Fargo Short Sale Equity Charge Off

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Wells Fargo Short Sale Equity Charge Off

Hello everyone, I'm new to myfico but have gotten a ton of good info today from the forums.

 

I short sold my home in 2010 which had a mortgage and equity tied to it.  The short sale resulted in a deficiency on my equity of approx $118K which I was told would be forgiven at close in 2010 but later learned it would not.  Since I've paid approx $25K to the balance leaving $93K balance.  This balance along with the charge-off status has destroyed my score.

 

I learned yesterday that Wells Fargo is going to forgive the remaining balance effective 2/13.  Mentioning my account was reviewed and approved for foregiveness.

 

Other than an open AmEx and Cap One card, my report is clean.

 

How will the foregiveness affect my score and is there anything I should do to accelerate repairing my score?

 

Thanks