What happens to your credit on a short sale?

A short sale will effect your credit score in a negative way. Your credit score will stay on your credit report for some years. Read More

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. Read More

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. Read More

Foreclosure looks worse on your credit. Short sale buys you time in your home. Read More

10years... Read More

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… Read More

In most cases it is preferable to foreclosure. I disagree. A short Sale has less impact on your credit score than a foreclosure. Read More

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. Read More

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… Read More

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. Read More

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 Read More

Your credit score relies most heavily on the most recent 12 months of activity. Therefore, the best strategy will be to continue using credit responsibly and demonstrate a history of credit worthiness. Read More

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… Read More

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… Read More

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… Read More

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. Read More

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! Read More

No. A foreclosure is what happens when you stop making mortgage payments. A short sale must be discussed and negotiated with the lender. In that case the lender agrees to accept the proceeds of a sale of the property even if they fall short of what is owed on the mortgage. They agree to forgive any remaining balance on the loan. It is a way to avoid a foreclosure. Not all lenders will agree to… Read More

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. Read More

A short sale is when the bank or lender allows the homeowner to sell their property for less then is owed to them. With over 15 million homeowners in default, a short sale is one of several alternatives to avoid foreclosure. It effects your credit score much less then a foreclosure, damages your credit a significantly lower amount of time, and can often result in no deficiency statements. In order to facilitate the short sale… Read More

If you haven't caused the fire, the situation shouldn't be worse than where you are right now. However, your short sale plans would have to wait until things are sorted out. Read More

Short sales offer a number of benefits to buyers. Because, during a short sale, homeowners agree to sell a house for less than the amount owed on the mortgage loan. This type of sale requires the lender to approve of the deal, while short sales sometimes leave sellers owing money to the lender, they also provide an alternative to foreclosure. In addition to helping the seller protect their credit. Read More

No. The short sale and the credit situation that made it necessary will stay on your credit report for 7 years or the applicable statute of limitations. The debt is extinguished by the short sale, if properly executed, so you would not be entitled to mortgage interest deductions on your tax returns. You would be making gifts to the mortgage company and decreasing your ability to pay other debts. Get some good debt counselling, from… Read More

You can obtain another home loan, however, you may be subject to paying a much higher interest rate than you would if you had good credit. Read More

Yes, you can purchase a Short Sale with an FHA loan. There are no restrictions on the type of financing in the purchase of a short sale. Read More

Homeowners who wish to short sale their home may select their own Real Estate Agent or Broker when doing a HAFA Short Sale. This is the case for traditional short sales as well. Real estate commission is a seller expense typically paid by the short sale lender from the sale proceeds Read More

credit card pos = credit card point of sale. Read More

Short sale is a great option for investors who want to make some money. If they make a smart purchase of a short sale home they can earn a huge profit. But, they need to be very careful when buying a short sale. Read More

Yes or a Credit Sale Read More

A short sale must be approved by the lender. It will not approve your proposal. A short sale must be approved by the lender. It will not approve your proposal. A short sale must be approved by the lender. It will not approve your proposal. A short sale must be approved by the lender. It will not approve your proposal. Read More

A cash sale is instant - a credit sale is a 'promise' of payment to come. Read More

Anyone can do a short sale provided their home is worth less than the balances owed on mortgage. Banks will look at short sale even if you are current, so if you have to sell, submit your paperwork to the bank ad they will let you know if you qualify for a short sale. Read More

An installment sale is a special type of credit arrangement which provides for payment in periodic installments over a predetermined period of time and results from the sale of real estate, merchandise, or other personal property. In the ordinary credit sale, the collection interval is short(3-90days) and title passes unconditionally to the buyer concurrently with the completion of the sale(delivery). In contrast, in an installment sale the cash down payment at the date of sale… Read More

Short Sale Advisory ~ or Short Sale Addendum Read More

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… Read More

A co-signer with a poor credit history will not be acceptable to the lender since the purpose of a co-signer is to guarantee repayment of the loan. Read More

Both the E and I have short vowel sounds in credit. Read More

Yes, credit has short vowel sounds. Read More

Generally, no a homeowner cannot sell a short sale to a family member or other related party. This would violate the arm's length transaction requirement of a short sale. Read More

One can find credit card terminals for sale at auction houses. These will typically be used terminals but one can often get a good deal. One may also find credit card terminals for sale on eBay. Read More

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. Read More

Short sales are usually used as an alternative to foreclosure and any liens the sale falls short of paying are released. However, the short sale agreement may not necessarily relieve the obligation of the borrower from repaying the debt. Read More

Both the E and the I in credit have short vowel sounds. Read More

I spoke with a lawyer...Voluntary foreclosure could be better because it would only be 1 hit on your credit instead of having to go 180 days past due. You can offer the deed to your house if the bank will take it to prevent the bank from placing a judgment for any amount uncollected at the sale. Read More

From what I understand the bank has to agree to the short sale and then takes that as the mortgage paid. Read More

Both a foreclosure and a short sale will ruin your credit for many years. With a foreclosure, it's best to file a Chapter 7 bankruptcy to protect you from the lender. The lender has up to 10 years to come after you for the loan deficiency. For example, if you owed $200,00 on a mortgage, and it cost the lender $75,000 to re-sell your property, you could be liable for that $75,000 deficiency. On a… Read More

You do not need to live in the house to complete a short sale. In order to qualify for the HAFA short sale you would need to of lived in the property within the last 12 months. Read More

Get the credit card number Read More

A short sale incurs a loss for the bank or other institution that extended the loan to the homeowner. Therefore, the homeowner must negotiate the terms of the sale with the bank before attempting to sell the property. There are a variety of consequences for the owner of a short-sale property. Read More

The E and I both have short vowel sounds in credit. Read More