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Apr. 27, 2009

Does Short Sale Mess Up Your Credit (FICO Score) and How Much Will It Drop?

Does a Short Sale Mess Up Your Credit Score (FICO)?

Yes.

But much less than foreclosure.

How much a short sale will mess up your credit will depend on how many payments you missed before we negotiate and close a short sale for you.

If you contact us for a short sale before missing any payments, that would be the best. We have even closed a short sale without any missed payments. Some banks however will want to see at least 1 missed payment to believe that you actually have a “hardship”.

Approximately how many points will your credit score drop?

Because there are so many factors affecting your credit score it’s hard to predict but here is a rough estimate:

Short Sale: 80-100 points negative FICO score impact

Foreclosure or “Deed in Lieu”: 250-280 negative FICO score impact

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