Re: Short Sales and the new Hafa rules JUNE 1st 2012[ Edited ]
05-03-2012 07:48 AM - edited 05-03-2012 07:55 AM
Can you post a link to the article that explains the differences ? I really can't say that it would be less, but I would have to understand the changes that were described.
This chart has been around for a while, it explains the approximate damage that can occur, short sales are usually on par with foreclosures.
DAMAGE POINTS: HOW MISTAKES AFFECT FICO SCORES
Credit mistake If your score is 680 If your score is 780
Down 10 to 30 pts. Down 25 to 45 pts.
30-day late payment
Down 60 to 80 pts. Down 90 to 110 pts.
Down 45 to 65 pts. Down 105 to 125 pts.
Down 85 to 105 pts. Down 140 to 160 pts.
Down 130 to 150 pts. Down 220 to 240 pts.