Does A Short Sale Effect Your Credit
How to Revive Your Credit Score after a Short Sale | Fox Business – 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.
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Credit Damage and Short Sales. A short sale occurs when you’ve sold your home for less than you owe on the mortgage, with your lender receiving the funds you were able to get for the dwelling. Short sale is not a formal financial term. The language on your credit report may state, "Pre-foreclosure that was redeemed," or,
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how does a short sale effect your credit score? | Yahoo Answers – Best Answer: A short sale is less damaging to your credit score than a foreclosure. A short sale only lowers your credit by 150 points or less, while a foreclosure lowers your score by 250 points or more. Check out this article for more relevant information on short sale.
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How does a Short Sale Affect Credit? | Experian – The term short sale does not appear on a credit report. The term short sale describes negotiating settlement of your mortgage debt for less than originally owed. Rather than showing as "short sale," the mortgage will be reported as "settled." Any time an account is reported as "settled" it will hurt you credit history and credit scores.
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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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.