Short sales and foreclosures equally degrade FICO scores

FICO has published new research showing the estimated impact of late mortgage payments, short sales, deeds in lieu of foreclosure, and foreclosures on consumers’ fico credit scores. FICO did the.

CoreLogic: 10.4 million mortgages still in negative equity Some 10.4 percent of residential properties in the manchester-nashua area remained in negative equity in the first quarter of 2016, according to a new report from data analytics firm CoreLogic. According to CoreLogic, 7,905 homes with a mortgage were in negative equity in the first quarter, compared.

Reporting is up to the lender, but generally, a short sale is going to cause about the same amount of damage to your credit report and FICO score as a foreclosure. At least there won’t be a public record as there might have been with a foreclosure.

A short sale is better over time as long as you don’t have a deficiency judgment for the loss that the bank took with the sale. "FICO said homeowners with short-sales and foreclosures on their records ended up with similar credit scores, assuming their scores were similar as distressed homeowners (see illustration below)."

According to data from RealtyTrac, short sales typically sold for nearly 10 percent less than the market price in the first quarter of 2011, whereas foreclosures sold at an average discount of 35 percent. Home buyers wanting to purchase a short sale must have patience.

Peak House Prices Will Return to Sand States after 2025: Fiserv The net effect is very poorly distributed prosperity IMHO. That can be seen if you look around, and it will lead to "poorly distributed" housing price falls. We know the peak house prices in the northern WA mining towns are unbelievable and can’t easily rise further, so previous house prices rises cannot be continued.

How I Fixed Credit Fast: Removed Collections, Charge-off, and Adverse Accounts - 30 Days - Secret! She said that is because those with good credit scores are much more responsible and by doing a short sale or foreclosure would hurt them more in the end run, with the thinking behind it that those with the good credit scores 700s and 800s would hold on to that score and NOT do a short sale/foreclosure.

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There is a myth in personal finance that a foreclosure is significantly worse than a short sale when it comes to your credit score. Short Sale, Foreclosure & Your Credit Score – Bills.com – The maker of the fico credit score, Fair Isaac & Co., released two tables that show how a short sale, foreclosure, and bankruptcy degrade the score of a.

How much impact does a short sale have on FICO Scores? How about a foreclosure? Since I frequently hear these questions from clients and others, I thought I’d share new FICO research that sheds light on this very subject.The FICO study simulated various types of mortgage delinquencies on three representative credit bureau profiles of consumers scoring 680, 720 and 780, respectively.