I've been thinking about listing one of my properties as a short sale, but before I do this I would like to know what are the results of this on my credit rating. Thanks
2007-12-23 15:00:28 · 3 answers · asked by unknown 2 in Business & Finance ➔ Personal Finance
bad and i mean really bad!!!!
2007-12-27 11:45:07 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It won't be pretty. A short sale will ding your credit as badly as will a foreclosure. It just costs less, since you save the lender and yourself the expenses of the foreclosure action. Of course, before you list the property, be sure that you have lender approval to do so.
2007-12-23 23:41:39 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
if you expect the mortgage holder to just walk away with a loss and not chase you for his missing money, you're mistaken.
and yes, the chargeoff the mortgage holder endures will whack your credit score pretty well. not to mention the lawsuit he'll file for his losses and the liens he'll try to file on your other properties.
2007-12-23 23:35:01 · answer #3 · answered by Spock (rhp) 7 · 0⤊ 0⤋