Short sales and foreclosures equally degrade FICO scores

According to Fair Isaac Corp., which creates FICO credit scores, all these accounts are treated equally (i.e. negatively). Fair Isaac’s myfico.com website states: "The common alternatives to.

How To Wholesale A Bank Owned Property | Wholesaling 101 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 consumer starting with a low, medium, and high score. In general, the old adage, "The higher they climb, the farther they fall," holds true for credit scores.

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FICO will not be higher if homeowners choose "short sale" over foreclosures Mortgage delinquency data from the nation’s three major credit bureaus was used to make this decision Potential borrowers with short-sales will have FICO scores in the 575-to-595 range at one credit bureau This is the same as having a foreclosure on.

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Contents Resale values tend perception surrounding manufactured original wholesale division 50% dti. learn modern housing industry short sales and foreclosures equally degrade FICO scores FICO, the leading credit scorer, assesses risk for each borrower and assigns a score ranging from 300 to 850. high scores predict the minimal risk of default; low scores, substantial risk.

Short sales and foreclosures equally degrade FICO scores Expect the short sale to impact your credit score. While many individual lenders might regard a short sale as superior to a foreclosure, they have an equal effect on your FICO score-and that’s according to the company that invented FICO scores, Fair isaac. bad debts fall off your credit.

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.

Contents April 2011 cnnmoney article Negative credit listings Risky home loans Prevent avoidable foreclosures Equally distributed.. negative credit According to an april 2011 cnnmoney article, a 780 credit (FICO) score will see a 160-point drop following a short sale, while a 680 score will see an 85-point drop.

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.

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