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Short sale: steep maintains that the effect of a short sale (providing the sellers are more than 59 days late) on a seller’s credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points.
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The impact of a short sale isn’t uniform because credit histories aren’t all alike. If your credit history is already troubled, a mortgage default will cause your credit score to take a big hit, but your credit score will typically take an even bigger hit if you had excellent credit.
The short sale process for buyer can be a hassle and require a lot of patience-buying a short sale home involves waiting for a short sale approval from the bank. How does a short sale affect your credit? Most consumers probably assume that opting for a short sale limits the damage to their credit.
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The short sale’s effect depends on a number of factors, and you may be able to get into a new home faster than you think. Let’s look at what a short sale means for you and your credit. What is a short sale? As mentioned above, a short sale is a process in which a homeowner sells their home for less than what they owe on the mortgage.
Effect of Foreclosure, Short Sale, and Bankruptcy on Your. – A short sale vs. foreclosure involves more than just the credit score. According to today’s guidelines, one can purchase a home within 2 years of a short sale.
FICO says that the hit on your credit score will be the same for both deeds in lieu and short sales, but that’s not to say the effect is the same for every borrower. The better your credit score was before you suffered hard times, the more of an impact a short sale or deed in lieu will have because you have further to fall.