Reporting is up to the lender, but generally, a short sale is going to cause about the same amount of damage to your credit report and FICO score as a foreclosure. At least there won’t be a public record as there might have been with a foreclosure.
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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Posts about FICO written by Todd Moyer of dreamhomedigest. Today Eileen Ambrose of The Baltimore Sun reported on a study conducted by FICO into the true damage that happens to a person’s credit score when they miss mortgage payments or go through a short sale or foreclosure.
Alternatively, while you might be able to obtain a new mortgage with a low FICO score, you might have to make a larger down payment or pay a higher interest rate. (Learn about credit scores.) Short sales can damage FICO scores. And the higher your credit score, the bigger the FICO drop with a short sale.
There is a lot of misinformation concerning how a short sale or a foreclosure affects a FICO score. From our research the initial credit hit of a foreclosure and a shortsale are virtually the same. Credit experts report that there will be up to a 300 point credit hit when someone does a short sale or a foreclosure.
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ResCap has seen its share of short sales, speaking of which. a fully executed 4506-T at application and at closing, and a minimum FICO score of 640 for all non-M&T-to-M&T VA IRRRL transactions..
Last month, foreclosure-related sales accounted for. what an Option ARM is. In short, an Option ARM is an adjustable-rate mortgage that was given to a prime borrower, usually based on the.
Randy P. writes, "What is the effect of a "short sale" or foreclosure on your credit score?" Due to all of the complexities involved with credit scoring, there really isn’t an exact.
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