Posted on: 21st Oct, 2010 07:35 pm
I went through a short sale 1.5 yrs ago. I was short 5000 dollars. If I pay the 5000 dollars to the lender will the loan show up on my credit report as paid in full rather than settled for less or short sale? If so will my credit score go up? Will I be able to apply for a loan as if there was never a short sale?
Welcome Guest,
The short sale will be mentioned in your credit report like any other negative item. However, if you pay off the mortgage in full, it will be mentioned in your credit report and it'll also help you in improving your credit score.
The short sale will be mentioned in your credit report like any other negative item. However, if you pay off the mortgage in full, it will be mentioned in your credit report and it'll also help you in improving your credit score.
Since the short sale is done long time ago, I dont think it will erase the history even if you pay now. I dont think bank will take the 5000 and erase that. You may want to check with the bank for confirmation though.