Reverse Mortgage Loan

Does A Short Sale Affect Your Credit

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A short sale when a lender allows the homeowner to sell the property for less than is owed on the home. When considering a short sale, one of the big questions you need answered is how much damage it will do to your credit score and for how long. Does a Short Sale Affect Your Credit Score?

How Does a Short Sale Affect Your Credit? There isn’t a straight answer to tell you how a short sale can affect your credit. The reason is, the impact depends on what your credit standing was beforehand. In most instances, a short sale can decrease a person’s credit score by 160 points or so. But if your credit was already low, it could.

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Credit Karma offers free credit scores, reports and insights. Get the info you need to take control of your credit. Credit Cards. Best Credit Cards Search All Credit Cards Balance Transfer Low Interest. does a short sale on my house affect my credit.

The short sale process for buyer can be a hassle and require a lot of patience-buying a short sale home involves waiting for a short sale approval from the bank. How does a short sale affect your credit? Most consumers probably assume that opting for a short sale limits the damage to their credit.

 · Some mortgage companies are authorized by the VA to approve a sale with a compromise claim." Avoiding foreclosure by using a short sale does affect a credit rating; unfortunately short sales lower credit scores in many cases, and there is usually a "seasoning period" borrowers must wait out before they are allowed to apply for another home loan.

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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.

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