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FICO Scores and short sales impact

tag
Anonymous
Not applicable

FICO Scores and short sales impact

I need to consider a short sale, however I am current and will continue to be current on my mortgage.  How will it affect my FICO score?  I have heard that it impacts it 200-300 points, however I also received information that this is - in part - due to being behind on your mortgage, leading up to closing.  Please advise.
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fused
Moderator Emeritus

Re: FICO Scores and short sales impact

Depending on how the short sale is reporting, it can be very damaging to your FICO scores, but not to the tune of 200-300 points. Short sales, Foreclosures and Deeds In Lieu are all equally bad. If you have lates and balances owed, it gets even worse. What are your current FICO scores?
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