- This topic has 2 replies, 3 voices, and was last updated 9 years ago by Anonymous.
- May 6, 2011 at 10:45 pm #208770AnonymousInactive
what exactly is a short sale? how does it affect my credit? will it show the mortgage paid in full? or will show as a foreclosure?
- May 7, 2011 at 11:07 pm #265898Aurelio WyrickMember
short sale (of house)
A sale of a house in which the proceeds fall short of what the owner still owes on the mortgage. Many lenders will agree to accept the proceeds of a short sale and forgive the rest of what is owed on the mortgage when the owner cannot make the mortgage payments. By accepting a short sale, the lender can avoid a lengthy and costly foreclosure, and the owner is able to pay off the loan for less than what he owes. See also deed in lieu (or foreclosure).
- May 19, 2011 at 3:15 am #281266AnonymousInactive
Short-Sale meaning pre-foreclosure. No, it does not show up on your credit report. This transaction will not hurt your credit at all. If short-sale fails than next step is foreclosure which will hurt your credit big time.
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