short sale credit impact march 24th, 2012 by Jarad. Question: I am working on a short sale with my primary lender and plan to move into my condo that was a rental.I have a second on the condo that is held by the same lender I’m doing a short sale with.
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Fair Issac says the average points lost on a FICO score are as follows: 30 days late: 40 to 110 points. 90 days late: 70 to 135 points. Foreclosure, short sale or deed-in-lieu: 85 to 160. Bankruptcy: 130 to 240. Foreclosure or Deed-in-Lieu of Foreclosure: Both of these solutions affect credit.
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There isn’t a straight answer to tell you how a short sale can affect your credit. The reason is, the impact depends on what your credit standing was beforehand. In most instances, a short sale can decrease a person’s credit score by 160 points or so.
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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.
Learn how much a short sale will affect your credit score and when you'll be. The way the lenders report the short sale also can have a significant impact on the.
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Compromise Sale of Home Will Hurt Credit. How does a short sale affect credit? The term. Missing Payments Will Worsen Impact of Mortgage Short Sale.
Although you benefit in the short term by the lender agreeing to write off the difference, in the long term, a short sale will negatively impact your credit rating. The good news is the damage can.
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A short sale is also bad for your credit.. The negative impact of a foreclosure, short sale or deed in lieu of foreclosure can be slightly less if the lender does not report a deficiency.