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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!

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โˆ™ 2011-09-13 00:32:05
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Q: How long does a short sale affect your credit?
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Related questions

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.


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 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 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 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 sale have a long or short vowel sound?

long


Does sale have a short or long vowel sound?

long


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.

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