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Foreclosures down for third straight month as lenders manage backlog: RealtyTrac Short sales and foreclosures equally degrade fico scores Foreclosures and Short Sales, Equal Ills.. the loan modification might not even show up on your credit reports or FICO credit score. A foreclosure and short sale inflict equal damage to your.RealtyTrac.
How does a short sale affect a credit score? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.
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Short Sales. Foreclosures. Which is worse on a persons credit rating? Recently I was watching a program on one of the major news networks, and an "expert" was explaining how a Short Sale was just as bad on a persons credit rating as a Foreclosure.
Expect the short sale to impact your credit score. While many individual lenders might regard a short sale as superior to a foreclosure, they have an equal effect on your FICO score-and that’s according to the company that invented FICO scores, Fair Isaac. bad debts fall off your credit report after 7 years and bankruptcies after 10 years.
A short sale is often used as an alternative to foreclosure because it mitigates additional fees and costs for both the creditor and borrower. The negative impact on the borrower’s credit score is typically smaller in a short sale than in a foreclosure, but a short sale usually involves a lot more paperwork for all parties.
Thus, no distinction is made in FICO ratings between getting rid of an underwater home by short sale versus losing it to foreclosure. [For more information on the FICO study’s data regarding the effect of short sales versus foreclosures on credit scores, see Housing Wire article, Short sales and foreclosures equally degrade FICO scores.]
Toss in today’s short sale market, and neither Houdini nor any self-respecting Las vegas odds maker would try to predict what your scores may be. Short sales and foreclosures equally degrade fico scores. short sales and foreclosures equally degrade FICO scores Fill out my form! Posted by Joel Lobb, Mortgage Broker FHA, VA, KHC, USDA at 9:56 AM.
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