Short-Sale and FICO Score (Not the usual)

[Anonymous]

Does anyone know the effects of a short sale on a FICO score if there have been no delinquencies?  We need to leave the state because my husband has found a new job.  However, thankfully, we have been able to continue to make our mortgage payments on time.  However, because of the market, we may need to short sale our home because there is no way we will be able to afford our new rent/mortgage and the current.  If the bank agrees to a short-sale, what will the impact on our credit be if we have no mortgage delinquencies. 

Thanks!

[fused]

In FICO scoring, a short sale is just as bad as a foreclosure, charge-off, collection and etc. If the short sale also has a balance and/or lates reporting, scores will tank even further. Sorry!

[Anonymous]

Thanks for the answer, I figured, it couldn't just be so easy. 

[Junejer]

If you were able to get them to report without any of the derogatory language in there, like Paid As Agreed, then you will be okay.

[fused]

Good point, ByrdMan! I failed to mention that.