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If my bank agrees to a short sale of my home, to what degree will it effect my credit
Your credit rating will be determined by what the lender decides to report to the credit agencies. I've had clients that showed a full payoff. If can negotiate with the lender prior to closing a short sale of how your credit history will be reported. Clients have reported that their scores have dropped up to 150 points. Many times your credit should not be affected as bad as filing for bankruptcy. Also, if you had multiple mortgage lates, even if you do a short sale, expect your score to go down considerably. A short sale does not make the wrong a right, unless as stated, negotiate the lender to have these lates removed as part of the short sale negotiations.
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06-08-2010, 12:43 PM #2
Fixer Upper
- Join Date
- Apr 2010
- Posts
- 31
Your credit is almost certain to be adversely affected. It's almost unheard of that any mortgage lender does not report to the credit agencies. But the reality is that, if you can't afford your home, then you're better off with a short sale than a foreclosure. Maybe you could rent the place out instead?
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