Posted on: 06th Nov, 2008 08:53 pm
what is worse on your credit: a deed in lieu of foreclosure or a short sale?
Hi nanpowell!
Your FICO score would be klikely to drop down by 75-100 points in case of a short sale whereas it may drop down by 250 points if you're going for a deed-in-lieu. Thus, a deed-in-lieu foreclosure will affect your credit more than a short sale. To know more about how credit gets affected due to short sale, check the link given below:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Thanks.
Your FICO score would be klikely to drop down by 75-100 points in case of a short sale whereas it may drop down by 250 points if you're going for a deed-in-lieu. Thus, a deed-in-lieu foreclosure will affect your credit more than a short sale. To know more about how credit gets affected due to short sale, check the link given below:
http://www.mortgagefit.com/discuss/shortsale-crediteffect.html
Thanks.
Are there tax ramifications to doing a short sale?
nan, that last question is something best addressed to a tax expert (or directly to the irs). we all have opinions, but many of them are only close to the facts. i would hate for you to rely on something one of us said only to find out that the irs would treat it differently.
by all means, consult with a tax advisor.
by all means, consult with a tax advisor.
