Posted on: 05th Jul, 2008 08:16 pm
Approx. How many points will my credit decrease with a dil/short sale?
I've been approached by a person for a fee of 600.00
To start a dil process. I've been told my credit score will only decrease 50 points.
We're in a home that cost too much. Unable to refinance/have talked to lender & sent them financial statement & they are unable to help.
I've been approached by a person for a fee of 600.00
To start a dil process. I've been told my credit score will only decrease 50 points.
We're in a home that cost too much. Unable to refinance/have talked to lender & sent them financial statement & they are unable to help.
Not sure about scores but you wont be buiying again any time soon. Lenders look at it pretty much the same as a foreclosure.
Good Luck
Brian
Good Luck
Brian
thank you very much brian. that helps alot.
Hi SLYVADA.
Welcome back.
If the person is saying that the DIL will only drop 50 points then he may be misguiding you. The person is also asking "fee of 600.00 ". I think this is a case of mortgage fraud. BTW talk with the mortgage company directly. If required send them a hardship letter. It is better to consult with the mortgage company directly. DIL will have a huge negative affect and it will drop 250 to 300 points.
Feel free to ask if you have any further questions
Best of luck.
Larry
Welcome back.
If the person is saying that the DIL will only drop 50 points then he may be misguiding you. The person is also asking "fee of 600.00 ". I think this is a case of mortgage fraud. BTW talk with the mortgage company directly. If required send them a hardship letter. It is better to consult with the mortgage company directly. DIL will have a huge negative affect and it will drop 250 to 300 points.
Feel free to ask if you have any further questions
Best of luck.
Larry
Hi SLYVADA,
Larry is right your score will drop 250 to 300 points. In addition, a DIL has a worse affect on your credit you would be better off to do a short sale.
You should contact a realtor who has done several short sales they will also help you through this process. Finally, you will need to enter into a credit restoration program so that you can begin to re-establish your credit.
Hope this helps and feel free to ask more questions we are all here to help you. DO NOT PAY SOMEONE TO HELP YOU IT COULD BE FRAUD!
No direct solicitations. Please use standard forum signatures for links
Larry is right your score will drop 250 to 300 points. In addition, a DIL has a worse affect on your credit you would be better off to do a short sale.
You should contact a realtor who has done several short sales they will also help you through this process. Finally, you will need to enter into a credit restoration program so that you can begin to re-establish your credit.
Hope this helps and feel free to ask more questions we are all here to help you. DO NOT PAY SOMEONE TO HELP YOU IT COULD BE FRAUD!
No direct solicitations. Please use standard forum signatures for links
That is a really big drop, guess you will have to weigh out if it is worth it or not.
Sometimes people don't have too many choices. I would definately look in to the point drop. It is not adding up. Wonder if the p;erson contacted the bank directly to see if their was any help for them?
I didnt think it would drop as much as 300 points...seems a little high to me.