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Is A Short Sale Bad For Your Credit

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How a Short Sale or Deed in Lieu of Foreclosure Affects Your Credit Score. Completing an alternative to foreclosure, like a short sale or deed in lieu of foreclosure (DIL), will also usually hurt your credit score. generally, short sales and DILs have a similar effect on a person’s credit score.

Your credit score, or credit rating, is calculated by the Fair Isaac Corp. based largely on your credit history. Impact of a Short Sale A lender will report a short sale on your credit history and the immediate impact is about a 50-point drop. As negative as this is, it also ends the negative effects of missed payments.

A short sale will stay on your credit report for as long as a foreclosure, which is about seven years.

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If your lender can get you approved and will provide an approval letter with your offer, the short sale mortgage holder may be willing to accept your offer. You may have to jump thru alot of hoops. Your credit score is low so you may want to look into some sort of credit repair assistance.

The short sale process for buyer can be a hassle and require a lot of patience-buying a short sale home involves waiting for a short sale approval from the bank. How does a short sale affect your credit? Most consumers probably assume that opting for a short sale limits the damage to their credit.

More and more homeowners are turning to short sales on their homes in order to avoid foreclosure, but a short sale can be almost as damaging to your credit score as a foreclosure. Here’s how to.

A short sale may be considered to be a derogatory mark on your credit even though credit bureaus do not use the word "short sale" on your credit report.Your credit report may read "paid in full for less than agreed" or "settled for less," among other categories.

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