Is a Short Sale as bad as a Repo on your FICO score?[ Edited ]
05-12-2008 02:24 PM - edited 05-12-2008 02:41 PM
I have been laid off form my job in the flooring industry for the 2nd time in 4 months. I have a 1st ($200,000) and a 2nd ($42,000) with the same lender(First Franklin-Home Loan Services). I will not be able to sell my house and pay it off. I was wondering if I get the bank to accept a short sale instead of just having them repo it, does it still damage my credit the same? Currently my Fico avg is only about 640.
Message Edited by songman50 on 05-12-2008 02:41 PM