Dear SPG, The term "short sale" does not appear in a credit report. When you negotiate a short sale, the lender is agreeing to accept less than the full amount owed on the mortgage, and will likely report the account as settled for less than the full balance.
How Long Does a Short Sale Impact Credit Scores? The Fair Isaac Corporation that invented FICO scores (the most commonly used credit scoring system) has a set of tables that outline the damage to your score from various types of loan delinquencies.. Immediate credit score damage from a Short Sale. Most people that end up with a short sale don’t go from being on time with all of their.
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A short sale will negatively affect your credit, but not nearly as much as a foreclosure or deed-in-lieu ~ read this entire article for details on each alternative. A short sale simply means that the amount of the mortgage balance owed is greater than the current market value of your home.
CreditCards.com does not include the entire universe of available financial or credit offers. CreditCards.com credit ranges are derived from FICO Score 8, which is one of many different types of credit scores. If you apply for a credit card, the lender may use a different credit score when considering your application for credit.
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A short sale, also known as a pre-foreclosure sale, is when you sell your home for less than the balance remaining on your mortgage. If your mortgage company agrees to a short sale, you can sell your home and pay off all (or a portion of) your mortgage balance with the proceeds.
Short Sales and Your Credit. Many homeowners prefer a short sale to a foreclosure because they believe there’s less of a stigma attached to a short sale and that it won’t necessarily damage.