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wjallen101 · Joined: 05 Dec 2008 Posts: 3 2.31 Dollars($)

I've heard short sales have less of a negative impact than foreclosures. But I've also read there is really no difference. Has anybody has experience on the practical impact? At this point my ultimate conclusion is that the main difference will be how soon I can qualify for another home (assuming that 's a consideration). Thanks in advance.

smithsussane · Posted: Sun Dec 28, 2008 11:27 pm Post subject:

Hi wjallen!

Welcome to forums!

A foreclosure will badly affect your credit score and will lower it by 250 points. Whereas a short sale will affect your credit score and lower it by 75-100 points. After a foreclosure, it will not be easier for you to apply for a mortgage. However, things will not be so difficult in case of short sale. So it is always better to go for a short sale rather than a foreclosure.

Feel free to ask if you have further queries.

Sussane

moto282 · Posted: Mon Jan 26, 2009 7:47 pm Post subject: foreclosure vs short sale

A short sale will probably show up on your credit report as "settled for less" and as mentioned in the above post will have a negative impact on your credit score, but not as bad as a foreclosure.

redoten · Joined: 27 Jan 2009 Posts: 9 3.64 Dollars($)

msnover92571 · Posted: Sat Feb 28, 2009 6:52 pm Post subject:

Hi, Foreclosure will ruin your credit for 7 years and lower ur credit score by 250 points. As a Short Sale will lower ur score by about 100 points. If possible try to avoid the Foreclosure.

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short sale vs. foreclosure