How will a Short Sale Affect My Credit?
Some of our clients were out looking for houses a few months after we short sold their house. Their mortgage was already approved!   Credit Score Summary Your credit score is very important, and should be considered when thinking of a short sale. Credit scores are affected differently with everyone when completing a short sale. If you have already missed a few payments, then you've already seen your credit score drop quite a bit already. Having a bankruptcy or completed foreclosure is much worse on your credit than a short sale. On your credit report it will show "Paid In Full - For Less". Depending on other items on your credit report, you could see as much as a 50 point drop due to the short sale. Others have told me their credit score dropped by only 10 points. In the end, it does not matter because it's much better then a full foreclosure. That has been known to drop credit scores as much as 300 points. Buying Another House Time Table
*Other credit issues could affect these time frames. All times estimated based on prior experiences. Outcomes could vary. Mortgage guidelines are changing daily. Please speak to one of our mortgage representatives for more information.
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