Posted on: 30th Jul, 2009 07:43 pm
Can some one tellme how much will credit score go down when you either foreclose or do a short sale?
Hi helpjuly!
Welcome to forums!
In case of a foreclosure, your credit score would go down by 200-250 points. On the other hand, if you go for a short sale, your credit score will go down by 80-100 points. However, in both the cases, you would be liable to pay off the deficient amount resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
In case of a foreclosure, your credit score would go down by 200-250 points. On the other hand, if you go for a short sale, your credit score will go down by 80-100 points. However, in both the cases, you would be liable to pay off the deficient amount resulting from the sale of the property.
Feel free to ask if you've further queries.
Sussane
welcome to the forum
it affects on your credit ratings.
in case of foreclosre,Your credit score will take plunge between 200 to 300 points
Short sales have a far less impact on a homeowner's credit score. Credit reports typically lose less than 80 to 100 points.
it affects on your credit ratings.
in case of foreclosre,Your credit score will take plunge between 200 to 300 points
Short sales have a far less impact on a homeowner's credit score. Credit reports typically lose less than 80 to 100 points.
Thansk but it looks like you just repaeted what Sussane said
Any how thanks
Any how thanks
helpjuly09
If you do a short sale and you are current on your payment you may see only a hit of 40 points for a short sale. Foreclsoure around 250
Good luck and feel free to ask
If you do a short sale and you are current on your payment you may see only a hit of 40 points for a short sale. Foreclsoure around 250
Good luck and feel free to ask
Based on my many, many hours of research, these numbers are purely conjecture -- the credit reporting agencies don't even provide this type of guidance.
I would suggest that anyone responding to similar questions provide their parameters or specific situation concerning the decrease in points on a credit score.
I would suggest that anyone responding to similar questions provide their parameters or specific situation concerning the decrease in points on a credit score.