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Impact of Short Sale

New Visitor

Impact of Short Sale

I'm getting as many different answers as professionals I ask so thought I'd try it here. I am forced to sort sale in CA as I am being transferred to another state. I have good credit (average about 750) and have no current lates (mortgage or otherwise). My 2nd mortgage is pending approval for short sale but lender is only saying that they will show the loan as a short, even though we carry a small balance with us. Given that there are and will be no late payments associated with this short sale, which typically is what drives down the score, can anyone tell me what impact to the scores I can expect, and what, if anything, beyond the score will be impacted if I try and get a new loan (FHA).
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Community Leader
Legendary Contributor

Re: Impact of Short Sale

Hey, bud, a great question, and you will get your answer by clicking into the Credit Education tab at the top of this page, then going into Education Videos, clicking on "more," and listening about halfway through their webinar dated 2/22/08 on the distinction between different types of mortgate closures.  I will let FairIsaac answer your question for you.
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