Short sales and foreclosures equally degrade FICO scores

FICO studied how mortgage delinquencies such as late payments, short sales, and foreclosures impact credit scores. They used three hypothetical consumers with credit scores of 680, 720, and 780. They used three hypothetical consumers with credit scores of 680, 720, and 780.

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 · While it is true that short sales represent slightly better risk than foreclosures, they do not perform well enough to merit a more positive treatment in the FICO® Score. Here’s why. In the population we studied, one out of every two borrowers who experienced a short sale went on to default on another account within two years. That is.

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A short sale is better over time as long as you don’t have a deficiency judgment for the loss that the bank took with the sale. "FICO said homeowners with short-sales and foreclosures on their records ended up with similar credit scores, assuming their scores were similar as distressed homeowners (see illustration below)."

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Contents April 2011 cnnmoney article Negative credit listings Risky home loans Prevent avoidable foreclosures Equally distributed.. negative credit According to an april 2011 cnnmoney article, a 780 credit (FICO) score will see a 160-point drop following a short sale, while a 680 score will see an 85-point drop.

Short sales sales equal 11 percent of. rather than accept foreclosure although it probably hastened the day when he can buy a house again. But it’s not clear whether it will rescue his credit score.

She said that is because those with good credit scores are much more responsible and by doing a short sale or foreclosure would hurt them more in the end run, with the thinking behind it that those with the good credit scores 700s and 800s would hold on to that score and NOT do a short sale/foreclosure.