What Does A Short Sell Do To Your Credit

Short sales have become a popular alternative to foreclosures in many markets around the country because the long term ramifications on credit are not as detrimental as a foreclosure filing and judgment would be. However, should a short sale be unsuccessful, the lender still has the option to foreclose.

 · Comments. Someone that has had a short sale can expect to wait at least 2 years for a decent interest rate on an institutional mortgage loan, although negative credit will show on your credit report for 7 years. With foreclosures, it will take at least 5 years, but probably closer to 7 years, to obtain a new mortgage loan.

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A short sale means you sell your home for less than you owe on the mortgage. Selling your home in a short sale will cause your credit to drop significantly – up to 160 points, depending on where your score was at the time it hits your reports. It’s important to consider your options carefully before you decide,

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Does selling your House in a short sale affect your credit? Find answers to this and many other questions on Trulia Voices, a community for you to find and share local information. Get answers, and share your insights and experience.

Short SalesShort sales become viable when homeowners in a negative equity situation can’t afford their mortgage payments. They can’t get out from under the debt because they can’t sell the house for enough money to pay off the mortgage. In such situations, the lender may foreclose on the mortgage, but foreclosure can be an expensive, lengthy process.

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A short sale is considered a type of foreclosure and will negatively impact your credit score. However, there are benefits to a short sale over a foreclosure, namely you avoid the foreclosure process and get out from under the mortgage.