Short Sale Question

[Anonymous]

So, I have a mortage that we closed via "Short Sale" back in early of 2006, does that and how much does that impact my credit score?  It currently shows up as "90-day past".

thanks,

Mark

[Anonymous]

This may get better response from the mortgage section.

[cdtotten]

A short sale, for credit scoring purposes, is the same as a foreclosure. It can affect your score by as much as 250+ points. It is a major dergotory and will haunt you for 7 years. The only real difference between a short sale and a foreclosure is that typically a short sale will require a minimum time before purchasing a new home of 2 years, and a foreclosure typically requires a 3 yr wait.

As with all derogs, the score hit deteriorates over time.