Short sales and foreclosures equally degrade FICO scores

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Short sales and deeds in lieu: FICO, the most popular credit scoring model in the United States, conducted a study of the impact of foreclosures, short sales and deeds in lieu on credit scores. It found that short sales and deeds in lieu affect credit scores as negatively as foreclosures. Since these options also represent a mortgage loan.

Here are the FICO issues regarding walking away, foreclosures, and short sales in New Jersey. The FICO results are not as straight forward as you may think. The lenders have alot of latitude about what they report and how they classify it. Short sales may harm your credit score as bad as a foreclosure.

If you are struggling to make your mortgage payments, are seriously behind, or already facing foreclosure, you may be wondering about the impact of foreclosure or foreclosure alternatives on your credit. The truth is, whether you file for bankruptcy, let your home go into foreclosure, complete a short sale, or even workout a loan modification with the bank, your credit score will likely suffer.

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