When Will The Short Sale Fall Off?

[maryellis1981]

Hi Everyone,

Due to a divorce I had to sell my home via short sale in 2010.  On my credit report there was a 60 day late reported and states "Settled- less than full balance".  The short sale was posted on my credit report November 2010.   Following the short sale my credit score dropped to around 640 after being around 720 prior.  Since I have short sold my home my credit has improved drastically and I am on my second home since that time.  My credit score is currently around 760.  

The question I have is when can I anticipate the short sale to fall completely off from my credit report?  Should I anticipate to wait a full 7 years like a foreclosure?  Once it does fall off how much will my credit score rise?

Many Thanks!

[Marcos8]

I had a first and second mortgage associated with mine but both list the closing month as the month of charge off. So approx 7-7.5 years from that date. 

[maryellis1981]

Okay great thanks!  Did you notice a signifcant jump in your credit score when they fell off?

[Marcos8]

Not gone yet....I wish!

[RobertEG]

If a short sale resulted in a writeoff by the creditor of any portion of the debt, it qualifies as a reporting of a "charge to profit or loss, or any similar action," and thus has a credit report exclusion date of no later than 7 years plus 180 days from the date of first delinquency (DOFD) that immediately preceded the short sale.