Re: Short Sales
10-02-2012 05:12 AM
I am in the Military and I bought a house 7 year ago, I havent been able to sell it and I am completing a short sale. How come my credit took a huge hit like over 200 points. Will my credit recover so hopefully I can get better credit. That is the only negative thing on my credit report and it feels like all the companies look at me like a loser since I cant sell my house and dont want to face a foreclosure.
Is there anything negative reporting within the TL that would indicate a negative like a late or lates, or anything within the comments section of that TL?
Aside from the mortgage, is there anything else that changed on your credit reports like higher CC balances, other lates, collections, new accounts, etc.?
In order to compare apples to apples, make sure you are looking at the before and after using the same scoring system. Some people have made the mistake by looking at a FICO and comparing it to a FAKO (a non-FICO score). Doing so can easily produce a 200 point difference in some comparisons. Where did you get your before and after score from?
Finally, a short sale will ding your credit though it quite recoverable down the road. Just know that the housing demand is going up and with that so are the prices. Something to think about. Every short sale reason is different. YMMV as we say.