A short sale means you sell your home for less than you owe on the mortgage. Selling your home in a short sale will cause your credit to drop significantly – up to 160 points, depending on where your score was at the time it hits your reports. It’s important to consider your options carefully before you decide,
How does a short sale affect credit? | Experian – The term short sale does not appear on a credit report. The term short sale describes negotiating settlement of your mortgage debt for less than originally owed. Rather than showing as "short sale," the mortgage will be reported as "settled." Any time an account is reported as "settled" it will hurt you credit history and credit scores.
How a Short Sale Can Hurt Your Credit – Credit Info Center – Bottom line, a short sale will indeed negatively affect your credit score but the amount of the hit on your score is still out for debate. Some say it is as bad as.
The VA does not have a strict guideline for a waiting period, two years after a short sale, it's best to fix credit as soon as possible if you want to.
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How a Short Sale Can Impact Your Credit Score – realtor.com – The impact of a short sale on your credit depends on several factors, including the way your lender reports the short sale to the credit bureaus. Most lenders will use the term "settled" for a short sale, which indicates that less than the full debt was repaid.
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Short Sale: Steep maintains that the effect of a short sale (providing the sellers are more than 59 days late) on a seller’s credit report is identical to that of a foreclosure. The ding on credit will show up as a pre-foreclosure in redemption status, Steep says, which will result in a loss of 200 to 300 points.