Does A Short Sale Affect Your Credit

What does short sale mean for people who are facing a foreclosure? If you’re able to make it work, selling your home before the bank forecloses could help mitigate damage to your credit score.

Short sales have become a popular alternative to foreclosures in many markets around the country because the long term ramifications on credit are not as detrimental as a foreclosure filing and judgment would be. However, should a short sale be unsuccessful, the lender still has the option to foreclose.

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If possible, to preserve your credit score, consider alternatives to a foreclosure, such as a short sale or deed-in-lieu of foreclosure. A short sale can have less of an impact Although possible, a short sale that has a minimal effect on your credit score is difficult to accomplish.

How a Short Sale Can Impact Your Credit Score. By. In spite of the impact on your credit, a short sale may be the best option if you can’t stay in your home because you can move on from your.

A short sale does not have to affect your credit score and yo don’ have to be delinquent to complete a short sale. I have negotiated 3 short sales where no adverse action was taken by the banks. the customer offered a lien on another property for the balance due and continues to make payments on that balance.

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More and more homeowners are turning to short sales on their homes in order to avoid foreclosure, but a short sale can be almost as damaging to your credit score as a foreclosure. Here’s how to.

A short sale will stay on your credit report for as long as a foreclosure, which is about seven years. A short sale is not as bad as a foreclosure in the eyes of lenders, so it’s possible you.

HOWEVER, that being said, the credit damage done by a short sale is significantly better than a Foreclosure or Deed in Lieu. In a short sale, it does not show up on your credit report as long nor is the impact as severe as a foreclosure.