Short sale vs foreclosure or bankruptcy

Author Message
Icon Mini Profile Niicss
Niicss



Joined: 03 Oct 2005

Posts: 2620
Location: New Jersey
409.63 Dollars($)
PostPosted: Mon Jul 27, 2009 2:01 am    Post subject:

Hi Mofun

After a short sale, the credit rating may go down by 80-100 points. After the short sale, you will not be able to get a mortgage for the nest 2-3 years. Moreover, the short sale will remain on your credit report for 7 years as any negative item.

In a short sale and a foreclosure, the defaulter would be liable to pay the deficient amount resulting from the sale of the property. In case of a deed in lieu, you won't be liable for the deficient amount. However, both deed in lieu and foreclosure will lower your credit rating by 200-250 points.

Thanks.

_________________
Good is the Enemy of Great.
Quick Reply
Your Name
Subject
Message body

All times are GMT - 7 Hours
 Previous  1 2
Page 2 of 2

 
Ask Questions
Community Experts
Cliff Pape - market Analyst Cliff Pape
Market Analyst
Houston, Texas







Highlights
Related Readings
Bankruptcy
Mortgage Loan Modification
Mortgage after foreclosure
Avoid Foreclosure


Helpful References
Mortgage Terms
Mortgage News
Book Center
Mortgage Guide
Shop and Compare lenders


Our Community
MortgageFit Blog
Community Professionals
Community Rewards
Introduce yourself
Website tools


Community Rewards
Five simple ways to earn money with the Mortgage Community.

New and upcoming tools
Credit Repair Tool New
Mortgage Planner
Simple Budgeting Tool






DebtConsolidationCare    Insurance community: We Make You Insurance Smart    CreditMagic: Helping you build up credit


We have chosen to apply the Creative Commons Attribution License to all works we publish. This work is licensed under cc by 2.0