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Short Sales Explained
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Been thinking about this lately... say someone has to do a short sale on their house because they're underwater and just can't keep up with payments anymore. I know it's not as bad as foreclosure, but um, how much damage does it actually do to your credit score? Like, would it totally wreck your chances of getting another mortgage anytime soon, or is it something you can bounce back from fairly quickly? Curious if anyone here's been through this or knows someone who has.
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"would it totally wreck your chances of getting another mortgage anytime soon, or is it something you can bounce back from fairly quickly?"
From what I've read, a short sale usually drops your credit score by around 100-150 points, depending on your overall credit history. Not great, but definitely recoverable within a few years if you're careful. Have you talked to a lender about timelines yet?
