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A short sale will effect your credit score in a negative way. Your credit score will stay on your credit report for some years.
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Can a sheriff sale be held to repay credit card debt in the state of Pennsylvania?
No, a sheriff sale in Pennsylvania cannot be held to repay credit card debt. Sheriff sales are typically used to sell foreclosed properties to repay mortgage debt, unpaid taxes, or certain government liens. Credit card debt would be resolved through a different legal process, such as debt collection or civil court action.
Can you go to jail for a judgment on your credit report?
No, however the creditor or whomever the judgment was awarded to can use several options in accordance with the state laws to recover the money owed. Some of those options are, wage garnishment, bank account levy, lien against real property, the forced liqudation/sale of nonexempt assets owned by the debtor.
What put prohibition laws into effect?
Prohibition laws were put into effect in the United States through the passage of the 18th Amendment to the Constitution in 1919. This amendment prohibited the manufacture, sale, and distribution of alcohol. It was later repealed by the 21st Amendment in 1933.
What Prohibition was established by what passage?
Prohibition in the United States was established by the 18th Amendment to the Constitution, which went into effect in 1920. This amendment prohibited the manufacture, sale, and transportation of alcoholic beverages in the country.
Can a foreclosure go onto your credit report if it is your deceased moms house and it is in probate?
Any information regarding the payment history, performance, or resolution of a debt that is reportable to a credit reporting agency can only be reported for parties who obtained the debt. This means you would only see reporting on under your name if you co-signed for the mortgage loan that defaulted. The actual foreclosure action on a home does not report to a credit agency any more than the sale of one does. What reports as "foreclosed" is the mortgage loan that did the foreclosing. This will only be reported on the credit for those who signed for and obtained the debt under which the home was foreclosed. For example; if you own a home that is paid off and for which you carry no loans, you fail to pay the taxes, and the county "forecloses" by selling your home at a tax sale, you will not have a foreclosure reported on your credit report.
Will a short sale ruin my credit score?
Yes, a short sale can negatively impact your credit score as it is considered a derogatory mark on your credit report.
How does a short sale affect your credit score?
A short sale can negatively impact your credit score because it indicates that you were unable to pay off your mortgage in full. This can result in a drop in your credit score, making it harder to obtain credit in the future.
How does a short sale impact your credit score?
A short sale can negatively impact your credit score because it shows that you were unable to pay off your mortgage in full. This can result in a drop in your credit score, making it harder to get loans or credit in the future.
How will a short sale impact my credit score?
A short sale can have a negative impact on your credit score, as it indicates that you were unable to pay off your mortgage in full. This can result in a drop in your credit score, making it harder to qualify for loans or credit in the future.
How does a short sale affect your credit?
A short sale can negatively impact your credit score because it shows that you were unable to pay off your mortgage in full. This can result in a drop in your credit score, making it harder to qualify for loans or credit in the future.
How does a short sale affect credit?
A short sale can negatively impact a person's credit score because it indicates that they were unable to pay off their mortgage in full. This can result in a drop in credit score, making it harder to qualify for loans or credit in the future.
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?
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.
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!
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.
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.
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.
