How A Short Sale Affects Your Credit
A short sale will significantly damage your credit score. Even if your payments were never late, the mortgage remains on your credit report for seven years from the date of settlement. You can monitor your credit score right here on WalletHub, using our free credit score tracking tool: https.
And while it is true that a short sale will end up on your credit reports, the impact of the short sale can vary. Why choose a short sale? homeowners who find themselves in the unpleasant and stressful situation of being “underwater” on their home are smart to consider the short sale options.
If the short sale was an isolated non-payment incident, it will have a lesser impact on your score than if it was one of many non-payments. (Note that some lenders will allow a short sale even if a borrower hasn’t yet missed any payments – a scenario that would likely have the least impact on your credit score.)
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More and more homeowners are turning to short sales on their homes in order to avoid foreclosure, but a short sale can be almost as damaging to your credit score as a foreclosure. Here’s how to.
After a short sale, the way it is recorded on your credit report depends on. Can Short Sale or Foreclosure Affect Your Employment Prospects?
Affects on Credit After a Short Sale. A short sale is not a derogatory mark on your credit because credit bureaus do not show the word "short sale" on your credit.
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Do Short Sales Affect Your Credit? Yes. There is no way to avoid the damage a short sale does to your credit score. A short sale can knock as much as 160 points off your credit score, but the level of damage heavily depends on your credit standing before the short sale and how much your lender gets in the sale, among other things.
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Short sales and foreclosures. Both short sales and foreclosures are usually the result of a borrower’s inability to continue making mortgage payments. A short sale is where your mortgage lender allows you to sell the home for less than your outstanding loan balance and cancels your obligation to repay the remainder of the loan.