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short sale vs. foreclosure

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Icon Mini Profile wjallen101





Joined: 05 Dec 2008

Posts: 3

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Post Posted: Fri Dec 26, 2008 10:06 pm    Post subject: short sale vs. foreclosure
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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.
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 10030
Location: Alaska
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Post Posted: Sun Dec 28, 2008 11:27 pm    Post subject:
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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
Icon Mini Profile moto282





Joined: 22 Jan 2009

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Location: Medford, OR
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Post Posted: Mon Jan 26, 2009 7:47 pm    Post subject: foreclosure vs short sale
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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.
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Icon Mini Profile redoten





Joined: 27 Jan 2009

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Post Posted: Wed Jan 28, 2009 7:51 am    Post subject:
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Quote:
So it is always better to go for a short sale rather than a foreclosure.
100 % It's Good Answer For You. good Luck!. if you want get more information about mortgage you can try "zero-mortgage.info" , that site give a comparison of mortgage program in all around the world. take a look. maybe it can help you.

[Link deactivated as per forum rules. Thanks.]
Icon Mini Profile msnover92571
m.snover92571




Joined: 10 Feb 2009

Posts: 146
Location: California
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Post Posted: Sat Feb 28, 2009 6:52 pm    Post subject:
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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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