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
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.
After losing almost $12,000, the homeowner is now facing foreclosure. state laws. ensure that Homeowners Are Covered Under state laws targeting foreclosure Rescue Fraud: Many states have passed new laws to address foreclosure rescue scamming. However, some of these laws defined "homeowners" that the law was designed to protect too narrowly.
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.
Florida, which broke Al Gore’s heart eight years ago and then. Even his running mate, offering encouragement from her perch, says it’s time to take off the gloves and go after Obama. Through.
How to get approved for a loan after foreclosure. Keep reading for a rundown of how each program handles past foreclosures. has a program specifically dedicated to serving foreclosed-upon borrowers with bad credit.
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Reverse Mortgage "Deed in Lieu of Foreclosure" question (venting, appraisal). Does anyone have any thoughts or information on whether the Deed in Lieu of Foreclosure is a good or bad process to go through?. How does one make the ‘move’ if one is not actually selling the home on short sale.