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Answered 2011-09-13 00:32:05
Iam bout to lose my house soon, getting divorce!. is it recommended to do a short sale? I am concerned about 1099-C taxes I have to pay to IRS and how bad my credit will be if I want to get a cheaper property later on. does enybody know how much afeccts short sales, is it better than a foreclosure!
Thanks
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What happens to your credit on a short sale?
A short sale will have a detrimental affect on your credit record but not as bad as a foreclosure.
How long does a short sale stay on your credit?
10years...
How long will you credit be messed up if you are doing short sale?
A short sale is an option when a property owner is not able to afford the obligations of a loan. The amount of time a short sale is on a credit report can be answered by a lawyer who is assisting in the short sale. A short sale may hinder future loans.
Is it better to short sale a house or refinance to get credit in good standing?
It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.It's better to refinance. A short sale will reflect negatively on your credit record.
Do forbearance payment affect credit score?
Do forbearance payment affect credit score? Also, if your lenders agree to a short sale and you have not been deliquent on your payments but the lender granted you a forbearance, will your credit score be affected?
How does short sell affect credit?
It all depends on how late or how many payments you were late when you start the short sale. In most cases if you get a successful short and your home gets sold it is a lot better than having a foreclosure on your credit report.
Does a short sale affect credit score?
A short sale takes place when a lender accepts less than they are owned on a loan secured by a property in the US. In most cases the borrower was already in default on the loan prior to the agreed short sale. The lender will have already reported the late payments or default and there likely was credit damage. The short sale can be recorded as paid as agreed or various other language. A short sale might show as a negative. Or it will show as the loan being paid off after a number of late payments so the credit file shows an account going bad and then no further activity on that account. A short sale is much better than a foreclosure or bankruptcy filing on one's credit report. Late payments are normally the only real sign of a short sale and late payments have an impact for approximately 12 months before a credit score starts to improve. When dealing with your credit report check it yearly and challenge all items that are not accurate.
Does executors credit affect sale of decendents house?
The credit of the executor has no bearing on the credit of the estate. It is not his property in question.
Does sale have a short or long vowel sound?
long
Is a short sale better than foreclosure?
In most cases it is preferable to foreclosure. I disagree. A short Sale has less impact on your credit score than a foreclosure.
Does the word stale have a long a or short a?
The A has a long A sound, as in sale and tale. The E is silent.
Will it affect my credit if I short-sale a house that I own but do not have my name on the mortgage?
To conduct a short-sale transaction, the bank(s) holding the mortgage(s) have to agree to a short-sale. If your name is not on the Mortgage, technically you don't have a right to conduct a short sale. Even if you "own" the house (which will be in question during the entire process), the holders of the Mortgage note(s), typically banks or finance companies, actually have primary ownership of the asset (the house). If you are able to complete a short-sale, even though you are not on the mortgage note, as an owner the bank holding the note may ask you to take partial responsibility for the difference between sale price and mortgage value, or even to put in equity immediately to avoid a short sale situation. If this occurs, and you cannot pay, you will end up with a debt and a schedule to pay that debt. Adding any debt will negatively affect your credit score.
Can you buy home after short sale?
Yes you can buy a home after shortsale, remember your credit with be ok for the simple fact it will show you paid your debt of your home by doing a short sale.
If i short sale a house how long do i have to wait to purchase a dwelling?
If you short sale a house you don't have to wait any specific amount of time to purchase a dwelling. It does mean that the interest rate on the new mortgage could be higher than normal, or it may be more difficult to purchase a new dwelling due to the poor credit score resulting from the previous short sale.
What is better a short sale or a foreclosure?
A short sale is always better. I will tell you why very definitively. When you purchase a home on a short sale you are helping a homeowner salvage their credit and dignity and helping them out of a bad situation. You are also preventing a large loss for the bank and getting a great deal for yourself. Everyone wins if it is done correctly. A foreclosure will have a very bad effect on a homeowner's credit and the bank will in most cases take a bigger loss than they would in a short sale. A sellers credit in a short sale will be damaged to a lesser extent than a foreclosure. In most circumstances if you have done a short sale you will not be able to get another loan for two to three years. In a foreclosure it is usually around five years before you can purchase another home.
What is the advantage of having a real estate short sale?
The advantage of having a real estate short sale is that the seller avoids a foreclosure, does not take a toll on one's credit rating or FICO number. The buyer moves into a new home at a big discount, the lenders also dont have to take part in a long, drawn out sale process.
How will a short sale effect your credit score?
A short sale will effect your credit score in a negative way. Your credit score will stay on your credit report for some years.
Do the credit rating agencies look at a mortgage settlement in a negative way will they look at it like a foreclosure and how long will this be on your credit report?
If the home was a short sale, many investors will view that like a foreclosure. Please proved more details on the type of transaction this was.
Should I short sale my house or wait for it to be auctioned?
This depends on your ultimate goal. A short sale is less detrimental to you credit, but will still likely keep you from buying another home for 2-3 years. Often times short sales become foreclosures because the homeowner stopped paying the mortgage loan payments and the short sale took too long. A foreclosure hits your credit harder, but may allow you to stay in the home for just as long or in some cases longer. Additionally, you can negotiate a "cash-for-keys" deal with the lender or new owner where you leave the property in good condition on a specified date in exchange for money for relocating costs.
Foreclosure vs short sale?
Ultimately the impact of a foreclosure to your credit rating and ability to borrow in the future is reason to choose the short sale over the foreclosure. Lenders will look more favorably upon a potential borrower that tried to work with the bank (via short sale) opposed to one who just walked away. The short sale process, when handled properly, can even result in a favorable narrative on your credit report, which will minimize the impact to your score. When looking for a short sale specialist, I suggest you make sure that agent has a trained mitigator that will negotiate with the bank on your behalf. Also, the agent you choose should have experience in the short sale market. Hope this helps! If you need more information or have other questions, just ask.
What is a short sale?
A short sale is a sale of real estate in which the sale proceeds fall short of the balance owed on the property's loan. It often occurs when a borrower cannot pay the mortgage loan on their property, but the lender decides that selling the property at a moderate loss is better than pressing the borrower. Both parties consent to the short sale process, because it allows them to avoid foreclosure, which involves hefty fees for the bank and poorer credit report outcomes for the borrowers.
Does anyone have a red bedbox for a 01' f250 for sale?
long or short
Does whale have a short a sound?
No. The A has a long A sound as in wane and sale. The E is silent.
How to get foreclosure off your record?
Foreclosure is simply on your credit report like any other damaging hit to your credit, for up to seven years. You can remove it from your credit report, you can only attempt to build up your credit in the meantime. The most effective way to build up your credit is to have a line of credit that is active, and in good standing. An example of this a credit card that you use to buy your gas on every week and pay in full every month. The affect of a short sale on a home owner's credit report is much less damaging. The negative on credit may show up as a pre-foreclosure in redemption status, which will result in a loss of around 80 points from the FICO score. It can also simply show up as the loan was paid off and not affect your score at all. This means a short sale with a previous FICO of 680 could possibly see it fall to around 600 or it could remain the same.
What does your credit score need to be to get a home loan?
There is no set credit score. It depends on the bank and your credit history. Some banks do not allow you to get a loan within 2 years of a short sale. Thanks for using answers.com!
