Posts Tagged ‘ short sale ’

“Short sales” usually deleted 7 years from the mortgage’s first late payment

Dear Experian, How long is a short sale on your credit report? We did a short sale in December 2010, and it is still on our credit report. - SPG

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Missing payments will worsen impact of mortgage short sale

Dear Experian, How will it affect my credit score if I short sell my house without missing any mortgage payments versus missing payments prior to the sale? - BSB

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Impact of a short sale when your mortgage is not delinquent

Dear Experian, With the declining value of property, sellers are caught in the position of having to short sale on properties for which the sellers are not delinquent. How does a short sale in which a person has never been delinquent report? - OVE

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Allowing late mortgage payments for short sale

Dear Experian, If I'm planning to do a short sale but have not yet gone behind on monthly payments, is there any advantage to not going behind on payments? In other words, does your credit get damaged exponentially in that scenario? If it doesn't really matter, then wouldn't it be wiser to just stop payments now and save the money? - MTS

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Impact of allowing mortgage to go delinquent to qualify for short sale

Dear Experian, I had excellent credit before we were advised by our lawyer to not pay our mortgage so we could qualify for short sale of our home. One year later, our home is now sold. How can we go about fixing our credit now? All of our other credit history is excellent. - DNM

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Effect of short sale and mortgage modification on credit scores

  • November 25th, 2009
  • Posted in Featured

Dear Experian, I am going through a short sale on my home and the lender is saying that if I take out a promissory note to make up for some of their loss that they will report my short sale as "paid in full -not full amount" Is that better than just a short sale, or because of the "not full amount" will my credit be dinged just as much as if I did nothing and they just listed it as a short sale? - ATH

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The relationship between personal and business credit reports

Dear Experian, You have recently responded to a question for those that short-sell their homes without being late on their mortgage payments. Under the same line, what effect does it have doing a short-sale for those people that plan to set up a business in the future? - OGC

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After short sale, don’t hurry into a HELOC

Dear Experian, My husband and I were gifted my Dad's home. It is paid in full. We had to do a short sale on our previous home, and it messed up our credit pretty good. About how long until our credit will be where it needs to be to get a HELOC loan approved? - MTA

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Impact of mortgage “short sale” on your credit report

Dear Experian, Some people are saying a "short sale" is better than a "foreclosure" on a credit report, but is that true? Don't both circumstances drop the credit score significantly? - NTE

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