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 Tue, 07 Sep 2010 16:06:14 +0000 http://wordpress.org/?v=2.9.1 hourly 1 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?

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