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Short sales and foreclosures equally degrade FICO scores

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This is not true – turns out there’s no significant difference in FICO score impact among. may look more favorably at a short sale than at a foreclosure, but the credit scoring system sees all.

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Housing Wire – "Short sales and foreclosures equally degrade FICO scores" (4-25-11) "homeowners that entered short-sales found themselves with FICO scores in the 575-to-595 range – the same range reported for parties with foreclosures on their records."

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short sale vs foreclosure.. There is a lot of confusion about short sales and foreclosures. There are basically 4 stages in a "distressed property" life cycle. The following is a very crude description of the four stages that a distressed property would typically go through.. Credit Score.

I am often asked this question by sellers pondering foreclosure or deed-in-lieu of foreclosure versus a Short Sale. It may be easier to look at how foreclosure affects credit in ways that a Short Sale does not.. and only with a minimum credit score of 680.. Fair Housing and Equal.

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If you’re a seller trying to decide whether to let a home go through foreclosure versus attempting a short sale, salvaging your credit may not be an advantage to doing a short sale, says Coy. She reports that according to "Score Factor Code #22, there’s no credit score advantage for a delinquent borrower on a short sale over a foreclosure."

LPS: 7.12% of U.S. loans are delinquent The data set does not include loans from smaller servicers, which service a larger share of the prime market. Therefore, it is suggested that the credit quality of the average loan in the LPS data set is probably lower than that of a randomly sampled U.S. mortgage.*

How do you get past a foreclosure and get a new loan? – And if you got out from under an oppressive mortgage through a short sale. a foreclosure sent a FICO score of about 720 down to as low as 570 and took about seven years to recover fully, assuming.

And as a matter of fact, you can have a very solid credit score in three or four years. Just don’t fall back into the same bad habits. 5. Short Sales Are Better than Foreclosures. The assumption is that a short sale is actually better for your credit score than a foreclosure, but in reality, they have the same effect.

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