Credit Record For Seller-downside?
Tell me what to know about how Short Sale affects seller's credit?
Michael
Tell me what to know about how Short Sale affects seller's credit?
Michael
Hi Michael,
The credit of a homeowner in default already has issues. They probably have credit cards or other unpaid bills that will be on their report, and the pending foreclosure will certainly show up.
The benefit of a short sale is that it will keep the completed foreclosure from being stamped on their credit report for the next 7+ years. The Short Sale will generally show on their credit report that the mortgage was settled or paid. This is a major benefit to the homeowner.
Keep in mind that a short sale will in no way FIX their credit, but it will keep a completed forclosure from being stamped on their report. Hope this gives you some insight! Best of success!
BAMZ
[addsig]
Hi Michael,
The credit of a homeowner in default already has issues. They probably have credit cards or other unpaid bills that will be on their report, and the pending foreclosure will certainly show up.
The benefit of a short sale is that it will keep the completed foreclosure from being stamped on their credit report for the next 7+ years. The Short Sale will generally show on their credit report that the mortgage was settled or paid. This is a major benefit to the homeowner.
Keep in mind that a short sale will in no way FIX their credit, but it will keep a completed forclosure from being stamped on their report. Hope this gives you some insight! Best of success!
BAMZ
[addsig]