Your SlideShare is downloading. ×
What happens to your credit score after a lakeland fl short sale.ppt
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

What happens to your credit score after a lakeland fl short sale.ppt

157
views

Published on

Published in: Real Estate

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
157
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
1
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. What Happens to Your Credit Score After a Lakeland FL Short Sale?Copyright © 2012 By Petra Norris *What Happens to Your Credit Score After a Lakeland FL Short Sale?*
  • 2. In one of my recent appointments oflisting a Lakeland Fl short sale, theseller asked me what impact doesa short sale have on my creditscore? Here are my thoughts andopinion about credit score impact whendoing a short sale. Before applying fora Lakeland FL short sale for your home,it is very important that you enter intothis with your eyes wide open.
  • 3. Forget about real estate agents whohave told you that short sales won’thave any impact on your credit score. Ofcourse it does, but the good news is thatthe damage is not usually as bad as whata foreclosure or deed-in-lieu could do toyour credit score.
  • 4. Loss of PointsYour FICO score goes down by a certain number of points dependingon the undesirable action you have previously taken with regard toyour financial standing or credit.Late Payment – Before applying for a Lakeland FL short sale, youmay have already committed one of the unforgivable sins andthat’s to make late payments for your mortgage. Being one monthbehind can already decrease your FICO score by 40 to 110 points.If you are three months late, then your FICO score could go downby as much as 135 points.
  • 5. Short sales versus foreclosures – A Lakeland Floridashort sale can cause your FICO score to dip byanywhere between 85 and 160 points. In many cases,foreclosures and deeds-in-lieu cause more creditdamage than short sales.Bankruptcy – If short selling your home is not enoughto save you from financial ruin, then you may be forcedto declare bankruptcy. This would result into having asmuch as 240 points deducted from your credit score.In worst case scenarios, you may even lose as manyas 300 points because of the various factors that havecontributed to your current financial state.
  • 6. Waiting or Recovery PeriodAfter having your Lakeland FL short sale applicationapproved and successfully sold your home, you needto cool your heels for a little bit and allow your creditscore to gradually recover. If you apply for a new loanthe instant you have sold your house, your applicationwill most probably be rejected.You need to give credit bureaus enough time to catchup with your most recent transactions and update yourrecords accordingly. You also need this preciousamount of time to provide bankers and creditorswith more reasons to believe that you have changed –for the better.
  • 7. You need to give credit bureaus enough time tocatch up with your most recent transactions andupdate your records accordingly. You also needthis precious amount of time to provide bankersand creditors with more reasons to believe thatyou have changed – for the better.With deeds-in-lieu and foreclosures, mosthomeowners have to wait anywhere between 2and 6 years before applying for a new loan. Butwith Lakeland FL short sales, you can wait for aslittle as 18 months before you can successfullyapply for a loan.
  • 8. Again keep in mind your credit score does affectdifferently based on your history of whether ornot making other payments such as your car,mortgage and credit card payments. Beingcurrent on payments the less damaging is yourcredit score when doing a Lakeland Fl shortsale.You can check your credit for freeat https://www.annualcreditreport.com/cra/index.jsp for Equifax, TransUnion and Experian
  • 9. I hope you found this post useful! If you need help finding or selling yourLakeland, Florida home, please contact Petra Norris - REALTOR(R)at 863-619-6918. If you’re new to Lakeland, I’d especially like toextend a warm welcome.I value my clients and provide them with honest, reliable service. Allowme to introduce you to the Lakeland FL real estate landscape and all ithas to offer.