Shorts Sales Hit Your Credit – HARD!

Many people think that, because they are avoiding foreclosure by short selling their house, they are not going to hurt their credit. This is not the case. If you short sell your house, you will take a huge hit on your credit report. In fact, your FICO score will go down by the same amount for a short sale as a foreclosure. A short sale will appear on your credit report as a pre-foreclosure in redemption status. As a result, you will lose between 200 and 300 points on your FICO credit score. In short, you cannot salvage your credit by short-selling your home. You can try, however. There have been cases of sellers requesting that lenders do not report adversely to the credit agencies, and lenders agreeing to do this, but those cases are few and far between.

Meet Cheryl!

About Cheryl

As a successful business owner and community leader, Cheryl Braunschweiger is known and respected for getting things done with a degree of skill and enthusiasm that bring out the best in those around her - colleagues, clients and friends. The name of her business, ALMC Mortgage, reflects Cheryl's philosophy and personality. She says it stands for All Loans Must Close –a reflection of her determination to do whatever it takes to serve her clients. Cheryl has been in the mortgage lending business for 20 years. Read More About Cheryl
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