 Niicss
Joined: 03 Oct 2005
Posts: 2620
Location: New Jersey
409.63 Dollars($)
|
 Posted: 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. |
|
Previous 1 2
