· Here at D&D Property Solutions our friendly and knowledgeable staff is always here to answer your Philadelphia real estate questions. One of the most common questions we get asked is, “How does a short sale affect your credit?” A lot of people think that because you get rid of a house in a short sale before it goes into foreclosure that the effects on your credit won’t be bad.
For example, if you owe $500,000 to your mortgage lender and short sale the home for $450,000, your lender will report $50,000 of canceled debt on your 1099-C. Since most mortgage lenders wouldn’t agree to a short sale if the value of the home exceeds the outstanding mortgage balance, usually no capital gains issues exist.
It depends. A short sale would affect your credit report if the lender files a deficiency judgment for the shortage. In that case, your credit will be affected negatively. ways short sale affects Credit If the lender accepts a short sale to completely clear your debt, your credit will not be damaged.
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A short sale will negatively affect your credit, but not nearly as much as a. A short sale simply means that the amount of the mortgage balance owed is. On a pre-foreclosure sale I paid all of the back payments and did a.
Don’t allow a short sale to get you down, it isn’t the only activity on your credit report that’s hurting your score. Make sure you are on time with all of your other payments, keep the utilization on your credit cards low, and don’t close accounts after you’ve paid them off.
More and more homeowners are turning to short sales on their homes in order to avoid foreclosure, but a short sale can be almost as damaging to your credit score as a foreclosure. Here’s how to.