Does A Short Sale Effect Your Credit

The term short sale does not appear on a credit report. The term short sale describes negotiating settlement of your mortgage debt for less than originally owed. Rather than showing as "short sale," the mortgage will be reported as "settled." Any time an account is reported as "settled" it will hurt you credit history and credit scores.

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How Does a Short Sale Affect Your Credit With No Late Payments? If you were late on your payments going up to the short sale, the late payments will remain on your report for up to seven years from the original delinquency date of the mortgage.

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Long Term Credit Score Damage from a Short Sale. While the immediate impact is painful, the worst is yet to come for your credit score. There is a myth in personal finance that a foreclosure is significantly worse than a short sale when it comes to your credit score. Unfortunately, this is simply not true.

The short sale process for buyer can be a hassle and require a lot of patience-buying a short sale home involves waiting for a short sale approval from the bank. How does a short sale affect your credit? Most consumers probably assume that opting for a short sale limits the damage to their credit.

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How Badly Does a Short Sale Affect Your Credit Score. – Short Sales and Credit Scores. While a short sale might still be a better option than a foreclosure, they both have a similar negative effect on credit scores. According to Fair Isaac, the average points lost on a FICO score are between 85 and 160 for both a short sale or a foreclosure.