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Taos: How is seller's credit affected by a short sale?

Sellers will take as big a hit on ther credit by going through foreclosure , giving the lender a deed in lieu of foreclosure. or doing a short sal

Both short sale and foreclosure affect your FICO score up to 200 to 300 points. 

One difference will be that if a seller wants to buy another home after foreclosure, the lender will wait up to 36 months before any kind of interest rate that makes sense will be available.  In a short sale, the time frame is cut to 24 months.

Posted: Thursday, October 23, 2008 9:49 AM by Page Sullivan

Comments

Robert said:

If a borrower's/homeowner's FICO score drops 200-300 points after a short sale, and 24 months has passed, can the borrower expect to regain a FICO score similar to that he or she held prior to the short sale? Because of a mandatory job reassignment, I am being forced to short sell my home just 2 years before I retire from the company, a time at which I will need to rely most on the credit I have built and protected over the last 20 years. I presently hold an average FICO of 725 and I am worried it will not achieve this level again, even 3 years after a short sale.    

# December 8, 2008 4:04 PM
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