Comments on: Impact of Short Sale on Credit Score

By: Andris

Andris — Mon, 22 Feb 2010 11:46:20 +0000

Thanks for the information, this topic is relevant for me today

By: Homeowners Insurance Site

Homeowners Insurance Site — Thu, 04 Feb 2010 17:09:12 +0000

You know whats interesting about all this is the Government has been bailing out the Banks but the people who they lent to are left to suffer with the loss of their home and a lower credit score.
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By: chris@mortgage info

chris@mortgage info — Thu, 04 Feb 2010 12:28:49 +0000

If you are faced with a situation like this the short sale is the best choice to proceed to make sure you are better off financially and not have your credit score damaged as much but in situations like this people do worry too much and expect the foreclosure to be their only option. If a person is in a bit financial trouble it is always best to check with your bank what is a good course of action and ask a financial advisor what can be done.
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By: Nicky@Foreclosure Lawyer

Nicky@Foreclosure Lawyer — Fri, 18 Dec 2009 20:47:35 +0000

Most likely people do not have these data about the credit score. But it is always better to try to keep the house. There are possibilities out there. So if you do keep the house it is much more better for your credit score.

By: Benjamin Kruell

Benjamin Kruell — Thu, 03 Dec 2009 08:00:52 +0000

Keeping an eye on our credit scores is the best thing a consumer can do in these volatile financial times. I just went to Annualcreditreport.com to check my report. Knowing what's on there is the best defense we have to maintaining our credit.

By: Whats My Credit Score

Whats My Credit Score — Thu, 22 Oct 2009 20:28:29 +0000

A bad credit score can affect your life in so many negative ways! I keep a pretty close eye on mine.

By: Madcap@credit restoration

Madcap@credit restoration — Tue, 20 Oct 2009 21:11:53 +0000

Seeking guidance from a CPA or a tax accountant is a great idea. Mortgage Foreclosure are extremely complected. Thanks for posting this information.
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By: Scott@Chicago Business Attorney

Scott@Chicago Business Attorney — Fri, 09 Oct 2009 21:14:47 +0000

A short sale is a win-win situation for the most part for both the lender and the home owner. Much better then going into foreclosure.

By: Geoff@San Diego Foreclosures

Geoff@San Diego Foreclosures — Wed, 26 Aug 2009 06:50:50 +0000

You are absolutely correct that a short sale is better than foreclosure. Many people wrongly assume, however, that just because they are upside down on their mortgages they can apply for a short sale and the bank will approve it. The banks are actually very tough on home sellers seeking short sales. They require serious hardship (such as divorce or job loss) and proof that the home seller has little or no assets. When it comes right down to it, the loss mitigation departments at the banks are just debt collectors by a different name. If the seller has any assets, they will squeeze them until they pay all they can. But if you are unsure, try short sale first. At the very least it will delay foreclosure and possibly give the seller time to negotiate for a loan modification.
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By: Anthony Clark @Tourist Guide

Anthony Clark @Tourist Guide — Fri, 24 Jul 2009 18:14:07 +0000

Short sale and Foreclosure effects on credit, its true If you’re a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale, according to “Score Factor Code #22, there’s no credit score advantage for a delinquent borrower on a short sale over a foreclosure.”