Comments on: What happens to my Credit Scores with a Foreclosure and Short sale http://focusonfrederick.com/2008/05/07/credit-scores-foreclosure-short-sale/ Musings and information about Real Estate in the Frederick County Area Tue, 17 Nov 2009 10:25:54 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: gotbob http://focusonfrederick.com/2008/05/07/credit-scores-foreclosure-short-sale/comment-page-1/#comment-1100 gotbob Sun, 14 Sep 2008 16:29:44 +0000 http://focusonfrederick.com/?p=434#comment-1100 Cindy, I am sorry to hear your story. It is something that is happening quite too often. I wish I had the right answer for you, but it is probably best to talk to a trained credit councilor. Anytime you miss a payment you run the risk of dinging your credit. A short sale and foreclosure will also ding your credit. But how bad your bank is going to handle the whole situation is truly up to them. You might want to call them and asked them how this will reflect on your credit. Their position on short sales and foreclosures are changing weekly/daily. Good luck with your sale...You can always repair your credit later, just get this monkey off you back for now. Cindy, I am sorry to hear your story. It is something that is happening quite too often. I wish I had the right answer for you, but it is probably best to talk to a trained credit councilor. Anytime you miss a payment you run the risk of dinging your credit. A short sale and foreclosure will also ding your credit. But how bad your bank is going to handle the whole situation is truly up to them. You might want to call them and asked them how this will reflect on your credit. Their position on short sales and foreclosures are changing weekly/daily.

Good luck with your sale…You can always repair your credit later, just get this monkey off you back for now.

]]> By: cindy http://focusonfrederick.com/2008/05/07/credit-scores-foreclosure-short-sale/comment-page-1/#comment-1098 cindy Sun, 14 Sep 2008 13:22:14 +0000 http://focusonfrederick.com/?p=434#comment-1098 We are doing a short sale on our home. Our credit score is important to us, we have worked so hard for a good score. We are current on the payments and are running out of money. Would it be in our best interest to make the payments while the bank is deciding if they will accept the offer? Would this help save the score? Or does it not matter? We would need to borrow the money from someone. Is a Short sale and no late payments less of a drop in credit score? thanks cindy We are doing a short sale on our home. Our credit score is important to us, we have worked so hard for a good score. We are current on the payments and are running out of money. Would it be in our best interest to make the payments while the bank is deciding if they will accept the offer? Would this help save the score? Or does it not matter? We would need to borrow the money from someone. Is a Short sale and no late payments less of a drop in credit score?

thanks
cindy

]]> By: Ann Cummings http://focusonfrederick.com/2008/05/07/credit-scores-foreclosure-short-sale/comment-page-1/#comment-820 Ann Cummings Wed, 14 May 2008 10:52:12 +0000 http://focusonfrederick.com/?p=434#comment-820 Bob - this article has great info in it for both consumers and other REALTORS as well. Thanks for including all the links you did - great resources to share with others. Ann Ann Cummingss last blog post..<a href="http://www.newhampshiremainerealestate.com/portsmouth-nh-real-estate-new-hampshire-waterfront-homes" rel="nofollow">Portsmouth NH Real Estate - New Hampshire Waterfront Homes</a> Bob – this article has great info in it for both consumers and other REALTORS as well. Thanks for including all the links you did – great resources to share with others.

Ann

Ann Cummingss last blog post..Portsmouth NH Real Estate – New Hampshire Waterfront Homes

]]> By: Nick http://focusonfrederick.com/2008/05/07/credit-scores-foreclosure-short-sale/comment-page-1/#comment-798 Nick Wed, 07 May 2008 13:59:35 +0000 http://focusonfrederick.com/?p=434#comment-798 Good info Bob, and thanks for the link. I'll check out that other blog someday :) I knew the laws had changed as far as 1099'ing the difference to the seller for the loss on the note (as a gain to the seller). Thanks for confirmin that. take care brother. -nick Good info Bob, and thanks for the link. I’ll check out that other blog someday :)
I knew the laws had changed as far as 1099′ing the difference to the seller for the loss on the note (as a gain to the seller).
Thanks for confirmin that.
take care brother.
-nick

]]> By: gotbob http://focusonfrederick.com/2008/05/07/credit-scores-foreclosure-short-sale/comment-page-1/#comment-794 gotbob Wed, 07 May 2008 12:01:14 +0000 http://focusonfrederick.com/?p=434#comment-794 Thanks Chris. The results are not concrete but you can see it varies. After I started this post, I ran into Mordue's comment and that kinda hit the spot...who cares? Get out from the situation you are in and reduce the stress. Thanks Chris. The results are not concrete but you can see it varies. After I started this post, I ran into Mordue’s comment and that kinda hit the spot…who cares? Get out from the situation you are in and reduce the stress.

]]> By: Chris Griffith http://focusonfrederick.com/2008/05/07/credit-scores-foreclosure-short-sale/comment-page-1/#comment-793 Chris Griffith Wed, 07 May 2008 11:29:25 +0000 http://focusonfrederick.com/?p=434#comment-793 Fantastic article. Chris Griffiths last blog post..<a href="http://feeds.feedburner.com/~r/RealLifeInBonitaSpringsFlorida/~3/285185092/" rel="nofollow">Bonita Springs Real Estate Market Report April 2008</a> Fantastic article.

Chris Griffiths last blog post..Bonita Springs Real Estate Market Report April 2008

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