How many points drop in my FICO score if I do a short sale? (foreclosure, mortgage) - - City-Data Forum

LingLing · 05-31-2012, 02:57 PM

I just curious. My neighbor who is a realtor said her fico score only dropped 40 points when she short sale her house? So my question is that at current market situation, what is the impact on my credit score if I do a short sale with all payment current (one loan, and HOA fee and property tax)? What will be the reason for them to deny a short sale?

2bindenver · 05-31-2012, 03:19 PM

What could your hardship be?

How your score is effected depends on how many lates are reported: mortgage, credit cards, loans...

LingLing · 05-31-2012, 03:59 PM

Quote:

Originally Posted by 2bindenver

What could your hardship be?

How your score is effected depends on how many lates are reported: mortgage, credit cards, loans...

I don't have any late payment reported. I talked with the mortgage company rep and asked for their advice. They told me if my moving was due to a job transfer, it can be considered as one of the hardship requirement. I am still asking around. I don't want to go down that road just to find out they won't approve it.

5thgenSF · 05-31-2012, 08:08 PM

Quote:

Originally Posted by LingLing

I don't have any late payment reported. I talked with the mortgage company rep and asked for their advice. They told me if my moving was due to a job transfer, it can be considered as one of the hardship requirement. I am still asking around. I don't want to go down that road just to find out they won't approve it.

you won't know if it will be approved unless you DO go down that road. and as to how many points it will cost you really would depend on too many things that would only apply to your individual situation.

LingLing · 05-31-2012, 09:57 PM

Quote:

Originally Posted by 5thgenSF

you won't know if it will be approved unless you DO go down that road. and as to how many points it will cost you really would depend on too many things that would only apply to your individual situation.

Thank you very much.

5thgenSF · 05-31-2012, 10:41 PM

Quote:

Originally Posted by LingLing

Thank you very much.

sorry if i sounded snippy. i'm about to let my house foreclose and short selling really isn't even an option. it's sad! my fico score is good right now but it won't be soon.

LingLing · 06-01-2012, 08:18 AM

Quote:

Originally Posted by 5thgenSF

sorry if i sounded snippy. i'm about to let my house foreclose and short selling really isn't even an option. it's sad! my fico score is good right now but it won't be soon.

No. You just give your honest opinion. I am a naturalized citizen. My English is not so good. Sometime, I offend people without even knowing it. Sorry for your situation.

5thgenSF · 06-01-2012, 10:01 AM

Quote:

Originally Posted by LingLing

No. You just give your honest opinion. I am a naturalized citizen. My English is not so good. Sometime, I offend people without even knowing it. Sorry for your situation.

i was born here and i still offend all the time! if you haven't been late i would guess your score should fare pretty well. a lady upstairs did a short sale and her family recovered quite quickly.

mamacatnv · 06-02-2012, 03:04 PM

Short sale without a default is the best way to go and the least damaging to your score as a whole. We are in the process due to a major relocation to keep one of us employed. However, our issue is becomming that we are not able to get a waiver on the deficiency and our attorney believes it is due in part to all the payments being current.

Our attorney is now suggesting we stop the house payments for 60-90 days and that we should then hear a different tune from our bank.

Our loan is a Fannie Mae and we are super frustrated with the whole process.

For those who think we are swimming in the dough, we are taking the money to keep the mortgage current out of our retirement funds with hefty penalties. We are really trying to preserve our credit that we worked so hard to build.

5thgenSF · 06-03-2012, 12:35 PM

Quote:

Originally Posted by mamacatnv

Short sale without a default is the best way to go and the least damaging to your score as a whole. We are in the process due to a major relocation to keep one of us employed. However, our issue is becomming that we are not able to get a waiver on the deficiency and our attorney believes it is due in part to all the payments being current.

Our attorney is now suggesting we stop the house payments for 60-90 days and that we should then hear a different tune from our bank.

Our loan is a Fannie Mae and we are super frustrated with the whole process.

For those who think we are swimming in the dough, we are taking the money to keep the mortgage current out of our retirement funds with hefty penalties. We are really trying to preserve our credit that we worked so hard to build.

i hear ya. i've been talking to everybody and anybody about the short sale or foreclosure of their homes. and googling the heck out of the whole process. it just is one big huge mess. and the gist of it seems to be that the lender jerks you all around and then you still get screwed in the end. it's against my principals to stop paying the mortgage but i really have no choice. i need to be where a better job market is and that isn't here!