Refinancing involves taking another loan to cash out the current mortgage property that is facing foreclosure. Refinancing is used to avoid foreclosure with its associated legal cost and it is also used to convert short term, in-affordable fixed / variable rate mortgage finance into a long term affordable fixed / variable rate mortgage finance.
Now worried that her extended unemployment benefits might end, and facing likely foreclosure on a house she can’t sell. two failures of the economy-one long-term, one (with luck) short-term. Over.
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Is there a difference in the impact of foreclosure vs. a short sale when you sell your home? Recently, FICO, the company that produces the credit score used by many lenders to evaluate creditworthiness, offered some surprising answers to these questions – and added some new insights as well. Bad news for high scorers
In addition, borrowers that agree to a short sale escape the bad credit marks of a foreclosure and can often buy another house with mortgage financing after only two years.
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A foreclosure dramatically affects your credit score. fair Isaac, the company that created fico (credit) scores, drops credit scores from 85 points to 160 points after a foreclosure or short sale. The amount of the drop depends on other factors, such as previous credit score.
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A) Yes, the short sale will be reflected on your credit report and will result in a reduction of your credit rating. However a short sale has less impact than a foreclosure would and as long as you continue to fulfill your other credit obligations in a timely manner, recovery from the short sale could be as little as 1 to 2 years as opposed to.