APPROX. HOW MANY POINTS WILL MY CREDIT DECREASE WITH A DIL/S

SLYVADA · Joined: 05 Jul 2008 Posts: 2 1.60 Dollars($)

Approx. How many points will my credit decrease with a dil/short sale?
I've been approached by a person for a fee of 600.00
To start a dil process. I've been told my credit score will only decrease 50 points.
We're in a home that cost too much. Unable to refinance/have talked to lender & sent them financial statement & they are unable to help.

brian1 · Posted: Sun Jul 06, 2008 1:29 am Post subject:

Not sure about scores but you wont be buiying again any time soon. Lenders look at it pretty much the same as a foreclosure.

Good Luck
Brian

SLYVADA · Joined: 05 Jul 2008 Posts: 2 1.60 Dollars($)

thank you very much brian. that helps alot.

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi SLYVADA.

Welcome back.

If the person is saying that the DIL will only drop 50 points then he may be misguiding you. The person is also asking "fee of 600.00 ". I think this is a case of mortgage fraud. BTW talk with the mortgage company directly. If required send them a hardship letter. It is better to consult with the mortgage company directly. DIL will have a huge negative affect and it will drop 250 to 300 points.

Feel free to ask if you have any further questions

Best of luck.
Larry

cliff · Posted: Tue Jul 08, 2008 5:39 am Post subject:

Hi SLYVADA,
Larry is right your score will drop 250 to 300 points. In addition, a DIL has a worse affect on your credit you would be better off to do a short sale.
You should contact a realtor who has done several short sales they will also help you through this process. Finally, you will need to enter into a credit restoration program so that you can begin to re-establish your credit.
Hope this helps and feel free to ask more questions we are all here to help you. DO NOT PAY SOMEONE TO HELP YOU IT COULD BE FRAUD!

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jbarto65 · Joined: 04 Nov 2007 Posts: 626 -0.11 Dollars($)

That is a really big drop, guess you will have to weigh out if it is worth it or not.

fireyone_02 · Joined: 20 Mar 2008 Posts: 281 2.17 Dollars($)

Sometimes people don't have too many choices. I would definately look in to the point drop. It is not adding up. Wonder if the p;erson contacted the bank directly to see if their was any help for them?

jasonpolito · Posted: Wed Jul 16, 2008 6:23 am Post subject:

I didnt think it would drop as much as 300 points...seems a little high to me.

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