Short sales and foreclosures equally degrade FICO scores

Short sales and foreclosures equally degrade FICO scores

If you are thinking of foreclosing, make sure you know all the repercussions beforehand. Your credit score will take a huge hit. Think wisely before doing a foreclosure or short-sale as it will be on your record for up to 7 years. During this time, you won’t be able to get another mortgage loan.

43% short-sale/foreclosure ratio Average price $205,314 60 average days on the market Average SP/SQFT $115 Historically the month of December is a slow month for real estate, specially the last two weeks of the year. However is expected that short-sales and foreclosures.

Many times people will ask me "how much will my credit score drop if I have a short sale? What if I. Your Resource for Everything on Mortgage Loans Since 2003.. How Much Will Your Credit Score Drop With A Foreclosure?. "I hope this information will help people to better understand FICO scores and the value for them of avoiding credit.

 · Though both short sale and foreclosures have roughly the same impact on credit scores, a short sale has many advantages both to the seller and the lender when selling a home. Since short sales are a remedy that costs lenders less than foreclosure, some lenders may look more kindly on short sales.

A FICO study conducted in 2011 showed that short sales without deficiency balances and deeds-in-lieu affected a credit score the least. A foreclosure or a short sale with a deficiency balance.

Distressed homeowners looking to preserve their credit are unlikely to gain a FICO-score advantage by launching short sales in lieu of foreclosure, according to a recent post on the credit score.

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Foreclosure, short sale or deed-in-lieu: 85. (FICO scores range from 300 to 850.). Sweet said credit bureaus generally slash scores equally for those three resolutions to someone losing.

FICO released a chart last year that really helps clear up all the confusion surrounding short sales, foreclosures, and FICO scores. Here’s a link: * http.

What does short sale, foreclosure, or deed in lieu can really do to your credit score.. In regards to a short sale, there may be some lenders who lean more positively towards a short sale over a foreclosure, still, your credit score is affected equally.

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