http://residentialshortsale.com/2009/08/how-does-a-short-sale-vs-a-foreclosure-affect-my-credit/ Las Vegas Short Sale Tips & Resources for Homeowners & Buyers Sun, 28 Aug 2011 18:55:03 +0000 hourly 1 http://wordpress.org/?v=3.1 http://residentialshortsale.com/2009/08/how-does-a-short-sale-vs-a-foreclosure-affect-my-credit/comment-page-1/#comment-755 Should I Short Sell, Or Let The Bank Foreclose? | Las Vegas Short Sales Wed, 15 Dec 2010 23:44:01 +0000 http://residentialshortsale.com/?p=66#comment-755 [...] Usually less negative credit impact than a [...] [...] Usually less negative credit impact than a [...]

]]> http://residentialshortsale.com/2009/08/how-does-a-short-sale-vs-a-foreclosure-affect-my-credit/comment-page-1/#comment-693 Mee Oregan Tue, 09 Nov 2010 23:16:44 +0000 http://residentialshortsale.com/?p=66#comment-693 it's always a little dodgy using loans and such like, other options might be a bit less risky. it’s always a little dodgy using loans and such like, other options might be a bit less risky.

]]> http://residentialshortsale.com/2009/08/how-does-a-short-sale-vs-a-foreclosure-affect-my-credit/comment-page-1/#comment-600 Sherry Thu, 16 Sep 2010 16:36:06 +0000 http://residentialshortsale.com/?p=66#comment-600 Our situation has an interesting twist I can't figure out how a lender will view this.... We completed Ch7 BK in 2005, did not re-instate our mortgage on time to keep our home. The lender did not report any payment info after BK filing in 2005. We walked away from the house in 2009 with it being 150K upside down, it was in foreclosure but again, nothing being reported to credit bureaus. It was sold on the court house steps. The mortgage company posted "foreclosure proceeding started" as creditor statement on our experian report only. On the credit report it shows DATE OF STATUS is Dec 2005, the STATUS is "Discharged through BK/Never late" but the "last reported date" is Nov 2009 (when they added the creditor statement about foreclosure) How will this appear to a lender? Will they age the statement based on the Date of Status, Dec 2005? Our situation has an interesting twist I can’t figure out how a lender will view this…. We completed Ch7 BK in 2005, did not re-instate our mortgage on time to keep our home. The lender did not report any payment info after BK filing in 2005. We walked away from the house in 2009 with it being 150K upside down, it was in foreclosure but again, nothing being reported to credit bureaus. It was sold on the court house steps. The mortgage company posted “foreclosure proceeding started” as creditor statement on our experian report only. On the credit report it shows DATE OF STATUS is Dec 2005, the STATUS is “Discharged through BK/Never late” but the “last reported date” is Nov 2009 (when they added the creditor statement about foreclosure) How will this appear to a lender? Will they age the statement based on the Date of Status, Dec 2005?

]]> http://residentialshortsale.com/2009/08/how-does-a-short-sale-vs-a-foreclosure-affect-my-credit/comment-page-1/#comment-23 Kathryn Bovard Sun, 20 Sep 2009 14:11:37 +0000 http://residentialshortsale.com/?p=66#comment-23 Nino, There are a lot of unknowns as we move into new territory with so many foreclosures and short sales in the country - especially when it comes to impacting ones credit score an ability to get a loan in the future. Here is what we have seen to this point. Your credit score is more negatively impacted by the number of payments missed. Historically, a foreclosure will have a more negative impact on a credit score than a short sale. How much depends on the number of missed payments. And in answer to your question, we have a case history where a homeowner who had not missed any payments and had a 750+ credit score completed a short sale on their property. Approximately 6 months later, that homeowner was able to obtain a mortgage on a new purchase. Please don't hesitate to contact us if you have any other questions. Kathryn and Stephanie. Nino,
There are a lot of unknowns as we move into new territory with so many foreclosures and short sales in the country – especially when it comes to impacting ones credit score an ability to get a loan in the future. Here is what we have seen to this point. Your credit score is more negatively impacted by the number of payments missed. Historically, a foreclosure will have a more negative impact on a credit score than a short sale. How much depends on the number of missed payments. And in answer to your question, we have a case history where a homeowner who had not missed any payments and had a 750+ credit score completed a short sale on their property. Approximately 6 months later, that homeowner was able to obtain a mortgage on a new purchase. Please don’t hesitate to contact us if you have any other questions. Kathryn and Stephanie.

]]> http://residentialshortsale.com/2009/08/how-does-a-short-sale-vs-a-foreclosure-affect-my-credit/comment-page-1/#comment-6 Nino Kiria Mon, 14 Sep 2009 20:29:07 +0000 http://residentialshortsale.com/?p=66#comment-6 What if someone sells the property on short sale without defaulting even once? Would this short sale still stain the credit history for 10 years? What if someone sells the property on short sale without defaulting even once? Would this short sale still stain the credit history for 10 years?

]]>