Health & Fitness
How Does A Short Sale Effect My Credit Score?
How Does A Short Sale Effect My Credit Score?
How Does A Short Sale Effect My Credit Score?
This is part six of "What Is a Short Sale?
How a short sale affects your credit score depends on what your score was at the time of the short sale. In a article by Jeanine Skowronski, "It appears that the higher the score the harder it falls and the longer it takes to recover".
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Every person's credit and credit score is different, follow this link to the FICO graph's to get an idea on how it will impact your FICO scores as well as how long it will take to recover.
As you can see from the graphs: If you have a deficiency balance as a result of a short sale, your credit will be affected the same as if it was a foreclosure. For most people the time to recover can take up to seven years.
Find out what's happening in Manassas Parkfor free with the latest updates from Patch.
Does this mean you have to wait 3-7 years to buy another house? No! Markita Woods, aka The Queen Of Mortgages says, "Yes you can purchase with FHA, if you meet the following qualifications". To see the qualifications go to "Can I buy a home immediately after a short sale?" By Markita Woods with WestStar Mortgage.
Graph's provide by Jeanine Skowronski posted on Mainstreet.com
Related articles, "What Is a Short Sale" , "4 Qualifications for a Short Sale", "Short Sale Consequences", "Short Sale Process", "The Eight Steps in a Short Sale Process"
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