Answers (3)
- wetdawgs
- Contributions:39453
Will they affect your credit score? Of course, because you are defaulting or partially defaulting on a debt.
A short sale is probably the easiest on the credit score and the fastest to be able to buy a home again.
A short sale is probably the easiest on the credit score and the fastest to be able to buy a home again.
- Vivianne Rutkowski, "VivianneRutkowski"
- Contributions:982
zboys,
I am a realtor who is also CDPE, Certified Distressed Property Expert, and can tell you that foreclosure is much more severe on credit score than short sale. For one, fom now on, whenever you apply for a credit or even employment, you will have to check a box that yes, you did have foreclosure at some point in your life.
If there is any glimpse of hope that you might qualify for a short sale, explore that venue.
Most lenders require a genuine proof of hardship to qualify for a short sale. Let me know if you might have additional questions.
I am a realtor who is also CDPE, Certified Distressed Property Expert, and can tell you that foreclosure is much more severe on credit score than short sale. For one, fom now on, whenever you apply for a credit or even employment, you will have to check a box that yes, you did have foreclosure at some point in your life.
If there is any glimpse of hope that you might qualify for a short sale, explore that venue.
Most lenders require a genuine proof of hardship to qualify for a short sale. Let me know if you might have additional questions.
- Scott@Penner Law -Hartford Title-, "pennerlaw"
- Contributions:280
Generally, a foreclosure will be a matter of concern in terms of purchasing a home for 7 years. A short sale will be less... it depends, but I'd say 3 years. I've handled deed's in lieu, but I don't know how long they affect credit for.
How long and will a short sale, a deed in lieu of a foreclosure or foreclose affect my credit?
How soon do you think my husband and I will be able to purchase a home again?
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