The credit consequences of a short sale are very different than that of a foreclosure. Typically a short sale will be reported on a homeowners credit as "settlement", "settled not as agreed", "short sale", "paid not as agreed". Any of these are far better than "FORECLOSURE"!
Due to the nature of a short sale the homeowner may have been in default (over 30 days late) at some point during the short sale process. A few late payments again is far better than the "F" word.
A short sale may reduce a homeowners credit score by 80-100 points. If a foreclosure is reported on a persons credit in can take 7-10 years to remove and can reduce a credit score up to 200-280 points and possibly eliminate a credit score altogether.
During the short sale process ZOOM! Loss Mitigation Specialists always attempts to negotiate the very best possible terms, conditions, and credit reporting status for the homeowner.
Please feel free to contact ZOOM! with any additional questions by calling 1-800-480-1917 or simply e-mail your question to Questions@ZOOMLossMitigation.com.
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Answers to Frequently Asked Questions, Coaching, Tips, Ideas, and Suggestions for Home Owners, Real Estate Agents, and Investors.
