2009 was literally the worst year of my life. Our comfortable lifestyle was shattered by unexpected income loss. We got three months behind on our mortgage and had to put our home on the market. As a result, my credit score fell into the 500’s (poor). Thankfully we found a buyer and we close this Tuesday. The payoff of my house will eliminate 90% of our debt. How will this immediately effect my credit score?
Typo…that’s “affect” not “effect”. Sorry.
The house was not a short sale but was sold at above fair market value.