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I own a house, rental condo and apartment building. I live in the house and rent the others. The rental condo is worth less than I owe on it and I am considering a short sale. Since I need to refinance the apartment building loan in December of 2009, I am concerned about keeping my credit score high.
My question is, if I short sale the rental condo, will my FICO score suffer?
Thank you.
Depending on where you credit score is, you could see a drop of anywhere from 100-200 points, or even more. It's highly variable; presumably the higher your score, the greater the drop.
Do you need to sell the condo? That is, are you have trouble making payments on your investment properties? If not, then it may be better just to continue making payments until you've had a chance to refinance your apartment building.