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Some mortgage companies are authorized by the VA to approve a sale with a compromise claim." Avoiding foreclosure by using a short sale does affect a credit rating; unfortunately short sales lower credit scores in many cases, and there is usually a "seasoning period" borrowers must wait out before they are allowed to apply for another home loan.
Does a Short Sale Affect Your Credit Score? – Does a Short Sale Affect Your Credit Score? A short sale will blow a hole in your credit score, dropping it as much as 100-150 points, depending on where you started. The higher your credit score, the more you will fall.
At NerdWallet, we strive to help. up for a low-limit card that could hurt your credit. Credit expert john ulzheimer warns that opening a new store card could hurt your credit score by: Having an.
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How Much Will A Foreclosure Or Short Sale Hurt My Credit Score? – A foreclosure and a short sale have similar negative hits on your credit score. A foreclosure is generally worse because you are not working with your bank whom you owe money to settle your debts. A short sale, on the other hand is debt forgiveness. Your bank agrees to forgive the difference between the sale and what you owe.
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How Long Does a Short Sale Stay on a Credit Report? – suffering credit damage With Short Sales Most people can expect a drop of up to 160 points in their credit score after experiencing. Short sale is not a formal financial term.
The advantages of a short sale are like a deed in lieu in that you can reduce the credit score impact and get a new mortgage sooner. You may also be offered a financial incentive to short sell. The drawback is that a short sale may be more time consuming and tedious.