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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