How does a Short Sale Impact Credit Scores?
Short sales are seen as settlements. Short sales are a mortgage being reduced down to a lower dollar amount by the lender, who will take a loss on the uncollected balance, in exchange for a one time lump sum payment. This is the same as a settled collection or charge off so it reflects as such on the credit. This negative can reduce scores 5-100+ points depending on the score prior to the event.
For more information on credit restoration, view North Shore Advisory’s website
About Tracy Becker
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For over two decades, I have owned and operated a Credit Education and
Restoration Company. We can increase Fico Scores by hundreds of points and
our fee is billed based on success. I enjoy Public Speaking across the
Country where I work with all kinds of Professionals, helping them find
solutions to Credit Problems. I have Expertise in both personal and
business credit. I've worked with thousands of people leading them into
better credit and ultimately, financial health and more opportunity. I
educate Bankers, Realtor's, CPA's, and Finance Experts on Credit from A-Z.
I'm also publishing my second book "Credit Score Power". Lastly, I've been
interviewed on national Television and Radio as a Credit Expert. Feel free
to contact me if you have any credit questions or clients who wish to
increase their credit score.
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