http://bettercreditblog.org/2009/05/30/short-sale-vs-foreclosure/ Your Daily Guide To Better Credit Fri, 03 Feb 2012 20:08:50 +0000 hourly 1 http://wordpress.org/?v=3.3.1 http://bettercreditblog.org/2009/05/30/short-sale-vs-foreclosure/#comment-198 ToMuchCheese Mon, 19 Oct 2009 15:16:42 +0000 http://bettercreditblog.org/?p=349#comment-198 Can a credit repair service or attorney have these short sales removed off of your credit or at least lessen the impact? Can a credit repair service or attorney have these short sales removed off of your credit or at least lessen the impact?

]]> http://bettercreditblog.org/2009/05/30/short-sale-vs-foreclosure/#comment-197 Paul Wed, 09 Sep 2009 13:31:03 +0000 http://bettercreditblog.org/?p=349#comment-197 A short sale will not "destroy your credit". 50-100 points is completely recoverable. A foreclosure will in contrast will have a huge impact. 250-300 points is what I've reasearched. And any missed mortgage payments during the short sale process will hit you hard too. You'll lose 65 points, or more, just on your first missed mortgage payment. Here's the deal, there's a lot of misinformation online and personal opinions. Your best bet is to research hundreds of sites and find your answer that way. Don't trust ANY one site or source. A short sale will not “destroy your credit”. 50-100 points is completely recoverable. A foreclosure will in contrast will have a huge impact. 250-300 points is what I’ve reasearched. And any missed mortgage payments during the short sale process will hit you hard too. You’ll lose 65 points, or more, just on your first missed mortgage payment. Here’s the deal, there’s a lot of misinformation online and personal opinions. Your best bet is to research hundreds of sites and find your answer that way. Don’t trust ANY one site or source.

]]> http://bettercreditblog.org/2009/05/30/short-sale-vs-foreclosure/#comment-196 Anthea Mon, 22 Jun 2009 23:31:55 +0000 http://bettercreditblog.org/?p=349#comment-196 Great articles & Nice a site Great articles & Nice a site

]]> http://bettercreditblog.org/2009/05/30/short-sale-vs-foreclosure/#comment-195 David Powers Sun, 07 Jun 2009 03:13:42 +0000 http://bettercreditblog.org/?p=349#comment-195 I love this blog great stuff keep up the good work! I look forward to seeing more from you! I love this blog great stuff keep up the good work! I look forward to seeing more from you!

]]> http://bettercreditblog.org/2009/05/30/short-sale-vs-foreclosure/#comment-194 ColdFrenchFries.com Mon, 01 Jun 2009 23:47:16 +0000 http://bettercreditblog.org/?p=349#comment-194 In the mortgage lending industry, any mortgage account that goes more than 90 days late is viewed by the lending institutions as a foreclosure...regardless of whether the home is actually saved or sold at an auction. Ninety days late equates to a foreclosure. Many times homeowners will argue their home didn't actually foreclose because the mortgage was brought current. However, in terms of borrowing money, if a mortgage goes over 90 days late, then a foreclosure has occured. Although the longer the mortgage goes uncurrent the greater the effect on one's credit and because a foreclosure could potentially last for an unknown amount of months, short selling the home makes more sense and follows financial literacy principles. However, the sooner the a decision is made to short sale a home the greater the chances of receiving the full credit profile benefits of short selling, which include a shorter time in a delinquent mortgage status and the absence foreclosures on your credit reprot. In the mortgage lending industry, any mortgage account that goes more than 90 days late is viewed by the lending institutions as a foreclosure…regardless of whether the home is actually saved or sold at an auction. Ninety days late equates to a foreclosure. Many times homeowners will argue their home didn’t actually foreclose because the mortgage was brought current. However, in terms of borrowing money, if a mortgage goes over 90 days late, then a foreclosure has occured. Although the longer the mortgage goes uncurrent the greater the effect on one’s credit and because a foreclosure could potentially last for an unknown amount of months, short selling the home makes more sense and follows financial literacy principles. However, the sooner the a decision is made to short sale a home the greater the chances of receiving the full credit profile benefits of short selling, which include a shorter time in a delinquent mortgage status and the absence foreclosures on your credit reprot.

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