Posted on: 21st Nov, 2010 07:48 pm
If we have to short sale our house, but the credit union agrees to give us the loan for the remaining balance of our house, can they mark the loan paid in full? Would this show as a paid off mortgage and not a short sale?
Welcome mp9bell,
If the property had gone through short sale, then it will be mentioned in your credit report though you pay off the mortgage in full. However, if you pay off the deficient balance to the lender, then it will have a positive affect on your credit report.
If the property had gone through short sale, then it will be mentioned in your credit report though you pay off the mortgage in full. However, if you pay off the deficient balance to the lender, then it will have a positive affect on your credit report.