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Big Duck
Guest
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Post subject: |
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| If I do a short sale of my home, will that affect my credit score for 7 years? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome Big Duck,
A short sale will definitely affect your credit score and reduce it by 75-100 points. Also, as any other negative item, it will remain on your credit report for the next 7 years.
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Procrastination is the enemy of your financial success |
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padirn_3851
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Post subject: spouses credit affected ? |
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My home has been on the market for 2 yrs without any success in selling it because the homes in the area have been selling for 70-80,000. I owe 103,000. My question is ..will my new husbands credit be affected if I either do a short sale or allow a foreclosure ? I am current on my payments.
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant |
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smithsussane
Joined: 18 Sep 2008
Posts: 10439
Location: Alaska
985.83 Dollars($)
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Hi padirn!
Welcome to forums!
If your new husband's name is not on the mortgage, then his credit won't get affected if you short sale the property or allow the lender to foreclose it.
Feel free to ask if you've further queries.
Sussane |
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Underwater
Guest
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Post subject: condo under water |
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| I have a condo that I bought for 225, it can probably sell now for 110. I owe 165 on it. I have enough money to sell the condo at 110 and payoff the difference but obviously don't want to pour more money into this. Would a short sale still be an option if I have that money in a bank account? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Hi Guest,
If you have the money to pay off the mortgage debt, then the lender will not agree to a short sale.
_________________
Procrastination is the enemy of your financial success |
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Kdiggler
Guest
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Post subject: New Short Mortgage Refinance Option |
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| I am currently trying to refinance my home, but may owe more than the value of the home. Recently an option to negotiate a 10% write off of the principal balance in order to be able refinance was announced, but may negatively impact your credit score. Any idea how much this would impact a credit score? My current credit score is 701 |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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Hi Kdiggler,
A principal reduction will definitely have a negative impact on your credit scores. However, the reduction in scores may vary from person to person depending upon the other negative items mentioned in his or her credit report.
Thanks |
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survivor44
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Post subject: Determ insolvent AT time of filing tax or AT time of S Sale? |
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Hello... I am on the fence with a short sale or foreclosure.
At this time I am insolvent... 45K in cc debt and home in Las Vegas upside down about 80 or 90K. I have no job.
Question.... If I list for short sale and the home sells while I have no job in 2010, I believe when I file my taxes in Jan or Feb, I can prove insolvency. IF however, I get an income before the home sells, even though it won't even come close to covering my debt with the credit cards, will they base insolvency/ or not eligible on the Date it sells or my financial status at time of tax filing?
Bottom line... I don't want to have to pay tax on the loss of my home and if there is a chance, I will let it foreclose. I want to start my life over- clean slate, not get hit with IRS letters and bills... garnishing wages etc as I will never catch up. I run a grassroots charity... and am hoping I will see a paycheck at last in the near future...Thank you so much.  |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Welcome survivor,
As you want to avoid paying the taxes, you should contact your lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, then you'll be able to get rid of the property and you won't have to pay any taxes on the forgiven debt due to the Mortgage Debt Relief Act.
_________________
Procrastination is the enemy of your financial success |
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Mr. Norman
Guest
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Post subject: How long after a short sale can I buy a house? |
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| Currently my credit score is approx. 740, my wife is about 680. Her name is not on our mortgage, just my own. If we go a short sale and my credit drops to a 640, would this effect us building a house once we are back on our feet? How much time do we have to wait after a short sale to buy a house? |
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adonis
Joined: 22 Oct 2005
Posts: 10562
Location: ALASKA
1089.18 Dollars($)
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Post subject: |
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Welcome Mr. Norman,
After a short sale, you'll have to wait for 2-3 years in order to get a mortgage to buy a property. You can utilize this 2-3 years in building your credit and stabilizing your financial situation.
_________________
Procrastination is the enemy of your financial success |
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gjmum2k@aol.com
Guest
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Post subject: 1 year after short sale. |
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I used fresh start properties inc to do a short sale on my property during a terrible divorce.
There was about a 45000.00 deficiancy. 1 year later chase bank is showing .01 on balance, but the sale
Is complete. How do I fix this and get this off my credit report? Email gjmum2k @aol.com |
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jameshogg
Joined: 20 Dec 2005
Posts: 10477
Location: Nevada
990.06 Dollars($)
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Post subject: |
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Hi gjmum,
You'll have to pay off the balance amount to the lender. However, the short sale will remain mentioned on your credit report for the next 7 years.
Thanks |
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gene
Guest
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Post subject: home short sell |
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| how long does it take to recover the credit score points losed to a short sell |
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