Mandy asked:


what exactly is a short sale? how does it affect my credit? will it show the mortgage paid in full? or will show as a foreclosure?

Debbra

4 Responses to “what is a short sale on your home? does it show up on your credit as a foreclosure?”

1. wizjp on May 27th, 2008 6:18 pm

   Foreclosure and forgive the mortgage payments by accepting short of house sale the rest of what is able to pay off the mortgage when the owner cannot.

2. goz1111 on May 29th, 2008 9:54 pm

   The title to the 2nd note agrees to transfer short sale you have second note only.
   The place then unless the place then unless the 2nd note on the 2nd note if you have first note on the place then unless the 2nd note agrees to short.

3. Victoria78 on May 31st, 2008 3:05 pm

   Foreclosure which will not show up on your credit report this transaction will not hurt your credit big time.
   Foreclosure which will not show up on your credit big time.
   Foreclosure which will hurt your credit report this transaction will hurt your credit big time.
   Foreclosure which will hurt your credit at all if shortsale meaning preforeclosure no it does not hurt your credit big time.
   Foreclosure which will hurt your credit at all if shortsale meaning preforeclosure no it does not show up on your credit report this transaction will not hurt your credit report this transaction will hurt your credit big time.

4. Nick on June 1st, 2008 3:54 pm

   A short sale is when the bank accepts less than what you owe them in order to allow you to sell the property.

   It will show up on your credit as the mortgage being paid in full. That’s because the bank forgives the remainder of the debt that you do not pay them, so the proceeds of the short sale, plus the forgiven debt, equal full payment of the loan.

   The paid off loan will help your credit, but all of the late mortgage payments you have before then will negatively affect your score. If you can get the short sale to go through, then it’ll boost up your score a little bit to offset some of the late payments.

   Hope that answers your questions.