If you've lost your home through a short sale and want to get another mortgage loan, you might be wondering how long you'll have to wait. Your credit will take a .
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A short sale will stay on your credit report for as long as a foreclosure, which is about seven years. A short sale is not as bad as a foreclosure in the eyes of lenders, so it’s possible you.
Bottom line, a short sale will indeed negatively affect your credit score but the amount of the hit on your score is still out for debate. Some say it is as bad as a foreclosure while others say you will not be hit that bad. A lot of it has to do with how was your credit before the short sale and if you are current on your mortgage payments or not.
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.
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Missing Payments Will Worsen Impact of Mortgage Short Sale. Dear Experian,How will it affect my credit score if I short sell my house without missing any mortgage payments. january 15, 2014 .
· In fact, the better your credit score is, the more damage a short sale can do to your credit. Source: ( FICO) This same FICO Banking Analytics study found that rebuilding credit took longer for short sellers who started with higher scores.
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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.
A short sale does not have to affect your credit score and yo don' have to be.. that will hurt my credit, however, at last check (3 months ago) my credit score was .
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