Short Sales. Foreclosures. Which is worse on a persons credit rating?
Recently I was watching a program on one of the major news networks, and an “expert” was explaining how a Short Sale was just as bad on a persons credit rating as a Foreclosure.
Maybe, but maybe not? If a person is Foreclosed on, I would assume that it goes on a credit report as just that; a Foreclosure.
But what if it is a Short Sale? Let’s say you got it on the market, priced it right, and sold it quick. And you had good communication with the lender. You got all of this done, and you got it closed, and the owner was only 60 days behind. Or even 90 days.
Which is worse on a credit report? A Foreclosure, or a 60 or 90 day late?
