Does A Short Sale Affect Your Credit

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How Much Will A Foreclosure Or Short Sale Hurt My Credit Score? – If you are thinking of foreclosing, make sure you know all the repercussions beforehand. Your credit score will take a huge hit. Think wisely before doing a foreclosure or short-sale as it will be on your record for up to 7 years. During this time, you won’t be able to get another mortgage loan.

The Affect Of A Short Sale On Your Credit – Mortgage News Daily – A short sale of real estate happens when the owner of the home or property owes more on the property than what it sells for. This can happen when a home owner chooses to sell when property values.

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.

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3 Easy Steps to Remove a Foreclosure from Your Credit Report – A foreclosure stays on your credit report for 7 years. That means it will negatively affect your credit for 7 years, but less and less as time goes on. How long does a short sale stay on your credit report? As mentioned above, short sales aren’t treated any differently from foreclosures, so they will remain for 7 years as well.

Short sales affect your credit rating, but the amount it hurts will depend on how your lender reports he short sale to the bureau. There isn’t an entry called "short sale" so your lender can report the short sale debt as "paid as agreed," "negotiated" or "settled."

Which Is Worse for Your FICO Score: Bankruptcy, Foreclosure. – If you are struggling to make your mortgage payments, are seriously behind, or already facing foreclosure, you may be wondering about the impact of foreclosure or foreclosure alternatives on your credit. The truth is, whether you file for bankruptcy, let your home go into foreclosure, complete a short sale, or even workout a loan modification with the bank, your credit score will likely suffer.

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