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How will voluntary repossession affect my credit?

Posted on: 03rd May, 2012 01:32 am
I just finished a short sale on my residence without missing any payment. My lender indicated that they will report it to the credit bureaus as a voluntary repossession. Does anyone know how this will affect my credit?
A short sale should be reported as a short sale. It shouldn't be reported as voluntary repossession. You should contact your lender and sort out the matter.
Posted on: 03rd May, 2012 02:44 am
Hi Savannah,

Why would a lender report a short sale as a voluntary repossession? I don't think it would be legal!! You should contact the lender and ask them to report it as short sale and not voluntary repossession.

Thanks
Posted on: 03rd May, 2012 07:40 pm
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