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Detweiler noted that a short sale may either be listed as a charge-off or a debt settled for less than the full balance. Both remain on your credit report for seven years from the date that action.
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Just curious as to why a short sale would drop a credit score just as much as a foreclosrue. Would it not be better to just have the house foreclosed on then? It would certainly save a lot of time and headaches with the actual sale.
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More and more homeowners are turning to short sales on their homes in order to avoid foreclosure, but a short sale can be almost as damaging to your credit score as a foreclosure. Here’s how to.
A short sale will stay on your credit report for at least two years; however, you can start gradually building your credit score more quickly than you would with a foreclosure. Another benefit of a short sale over a foreclosure is that you can typically purchase another home after two years.
Does a short sale affect Your Credit Score? A short sale will blow a hole in your credit score, dropping it as much as 100-150 points, depending on where you started. The higher your credit score, the more you will fall.
The short sale process for buyer can be a hassle and require a lot of patience-buying a short sale home involves waiting for a short sale approval from the bank. How does a short sale affect your credit? Most consumers probably assume that opting for a short sale limits the damage to their credit.
A short sale is when you sell your house for less than you owe your lender. Therefore, if someone owed $250,000 on a $500,000 house, then a short sale would mean selling it for $200,000. So, the bank could forgive the extra $50,000 that wasn’t included in the sale.
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