What affects my credit score more, a short sale or a foreclosure?
I know both foreclosures and short sales damage your credit score, but how much better is it to sell a house at less than what it is owed on it versus living in it until the bank takes it from you?Answers...
A foreclosure will have a much larger affect on your credit score. If your credit score is good right now, a short sale will probably knock it down by 80 to 100 points. A foreclosure can end up docking 300 points from your credit score making it almost impossible to get approved for another mortgage.
Related Questions
How much does a foreclosure hurt my credit score?If I have a foreclosure on my credit reports and a few late payments, will it help me to try getting the foreclosure deleted or would I need to get everything removed to have a better credit score?
Tags: foreclosure, credit score, late payment
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