Posted on: 25th Mar, 2009 08:16 am
I have read several times on here that a short sale will hurt your credit less than a foreclosure. I believe it would drop my score around 75-100 points.
However, is this including the missed mortgage payments leading up to the short sale? I am in the process of a short sale and am waiting on appraisal, approval, etc. But I have missed about 6 payments so far. Will the missed mortgage payments + the short sale drop my credit score even more?
Thanks in advance.
However, is this including the missed mortgage payments leading up to the short sale? I am in the process of a short sale and am waiting on appraisal, approval, etc. But I have missed about 6 payments so far. Will the missed mortgage payments + the short sale drop my credit score even more?
Thanks in advance.
Hi
The effect of a short sale on your credit can go upto 100 points. How much effect on your credit a short sale will have, depends on your initial credit score, your credit history and other items which you are not paying. But in short sale the only thing that is reflected on your credit report is your late payments. Thus, I believe the drop in the credit score due to short sale includes the missed payments.
The effect of a short sale on your credit can go upto 100 points. How much effect on your credit a short sale will have, depends on your initial credit score, your credit history and other items which you are not paying. But in short sale the only thing that is reflected on your credit report is your late payments. Thus, I believe the drop in the credit score due to short sale includes the missed payments.