Good or bad, your FICO scores could vary at each. your recovery from a “short sale,” foreclosure or bankruptcy can be difficult too. Chris Salese is a licensed California mortgage banker and equal.
New home sales in the same month rose 5.7 percent to. consists of loans with either one or two subprime attributes — a FICO score below 660 or a debt ratio greater than or equal to 50 percent..
Mortgage payments could consume as much as 38 percent of the borrower’s income, and total monthly debt levels (including the mortgage and other credit obligations) could equal as much as 45 percent of.
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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.
· 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 report after 7 years and bankruptcies after 10 years.
Shiller sees scope for further home price declines up to 25% Updated S&P case-shiller home price Index for san francisco metro area The S&P Case-Shiller Index for the San Francisco Metro Area covers the house markets of 5 Bay Area counties, divided into 3 price tiers, each constituting one third of unit sales.
Randy P. writes, “What is the effect of a “short sale” or foreclosure on your credit score?” Due to all of the complexities involved with credit scoring, there really isn’t an exact.
Short sales and foreclosures equally degrade FICO scores . Post By Joyner . Contents Full amount due. Short sales ( Share local information.. Affordable housing advocates Fico credit score The 580 fico score home loan – Since this column is not a guide to all of the fantastic restaurants and happenings here in town, I need stay focused on the.