To clear things up…
FYI, as debated last night at the meeting which was fun, I was right as usual. Just don't usually have the time to prove it. LOL
http://www.myfico.com/crediteducation/questions/foreclosure-fico-score-affect.aspx
Both Short Sales and Foreclosures both stay on your credit for 7 years. There is only one thing that stays on a persons credit for 10 years and that’s bankruptcy. All other negative hits against credit including your judgments against a tenant or something as simple as a cable bill not getting paid stay on your credit for 7 years.
However they all weigh differently on your credit and have greater and lesser of an impact. And there isn’t much of a difference between the two credit atom bombs, a foreclosure or a short sale.
So if you’re letting people know the benefits of a short sale vs. a foreclosure there are no big benefits pertaining to credit.
The big benefit is that the Obama administration during his first term made it so if a bank agrees to a short sale they can’t turn around and bang you with a deficiency judgement to get you for what they lost. They CAN do that with a foreclosure.
Wednesday, December 31, 2014
Foreclosure vs. Short Sale Credit Impact
6:12 PM
Posted by
Dallas ®
Labels: 7 years, Credit score, deficiency judgement, fico, foreclosure, how long, short sale
Labels: 7 years, Credit score, deficiency judgement, fico, foreclosure, how long, short sale


Subscribe to:
Post Comments (Atom)
0 comments:
Post a Comment