Posted on: 12th Jun, 2009 02:31 pm
I have been payment out of my pocket for my investment property, in order to keep good credit record. Recently I have to do short sale, because it has been over a year nobody made an offer. Would the short sale impact my credit record? If yes, seems it does make sense to make making payment now.
my_realestate2003
Welcoem to the forum
Yes short sale will have an impact on your credit score in the range of 50 - 100.
But if you stop makign payments now, the bank may not agree for short sale. And as soon as you hit the 60 days ofnon payment the bank will report to the credit agencies and that will really bring down your score.
I think you have done the rgiht thing of listing the property on the market and now you have a good case to do a short sale and this will help you to prove your case with the bank
Good luckand feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly
Welcoem to the forum
Yes short sale will have an impact on your credit score in the range of 50 - 100.
But if you stop makign payments now, the bank may not agree for short sale. And as soon as you hit the 60 days ofnon payment the bank will report to the credit agencies and that will really bring down your score.
I think you have done the rgiht thing of listing the property on the market and now you have a good case to do a short sale and this will help you to prove your case with the bank
Good luckand feel free to ask
Realgeni
-Good credit is easy to achieve, as long as you use it responsibly
short sale improves your credit score
Sunil87020
Stop you nonsense answers. As every one can see you have no idea what a shortsale is or a credit score is. Stay away from thigns which you do not know. Ask questions if you want to learn
Stop you nonsense answers. As every one can see you have no idea what a shortsale is or a credit score is. Stay away from thigns which you do not know. Ask questions if you want to learn
Realgeni
Your opnion is valued. I have been continue making payment including June 2009 payment, and I will try my best to maintain a good credit record. My question for you is, if I am able to keep making patment till the day the property is sold - as a short sale, how long it takes for my credit score coming back to 750 as now.
Sunil,
I noticed several people complained about your posts, if you just want to gain $$ on this website, it is not ethical
Your opnion is valued. I have been continue making payment including June 2009 payment, and I will try my best to maintain a good credit record. My question for you is, if I am able to keep making patment till the day the property is sold - as a short sale, how long it takes for my credit score coming back to 750 as now.
Sunil,
I noticed several people complained about your posts, if you just want to gain $$ on this website, it is not ethical
my_realestate2003
Thank you for yoru feed back. We all here are glad to help and learn from each other
To answer yoru question, assumign that you will have a hit fo 100 points on your score, it will any whre between 1 -2 years before you come back to your normal level. I woudl nto say it will eb 750.
All this will depend on your financial discipline.
Your credit score is made up of of the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
As you can see first two facotors are really important. You history will surely affect and then how much youw owe
So if you keep makign payments properly after your short sale and do nto apply for any new credit, it will help you to get back where youa re today in 1 to 2 years
Good luck and feel free to ask
Thank you for yoru feed back. We all here are glad to help and learn from each other
To answer yoru question, assumign that you will have a hit fo 100 points on your score, it will any whre between 1 -2 years before you come back to your normal level. I woudl nto say it will eb 750.
All this will depend on your financial discipline.
Your credit score is made up of of the following
35% is based on payment history
30% Amount you owed
15% length of history
10% New credit
10% on types of credit
As you can see first two facotors are really important. You history will surely affect and then how much youw owe
So if you keep makign payments properly after your short sale and do nto apply for any new credit, it will help you to get back where youa re today in 1 to 2 years
Good luck and feel free to ask