[350driver]

Ok does anyone know how badly a short sale will afect a credit score.My wife and I are trying to sell or home with not much luck,so we are considering a short sale option.I have a pretty decesent credit score of 670 and hers has been droping because we have just about everything in her credit name so to speak.Last we checked it was 610,if we were to do this short sale would my credit be affected seeing how I am not on the house papers.If we could do this and have my credit still be strong and hers take a bump it would free us up considerably.We canot continue to live with are current mortgage situation we need to get out and the short salr is looking more and more tempting. Also if the short sale doesnot affect my credit would we be able to get another loan for a smaller more modest house.


HELP!!

[RICKYLANDRY]

:) No A Short Sale Will Not Hurt Your Credit At All But If The Property Is Foreclosed On It WILLAffect YouR Credit For Seven To Ten Yrs. Unless You GET Someone TO Repair Your Credit The Mortgage Will Show Up As PaID In Full
IF YOU GO WITH A SHORT SALE
But If You Are Not On The Mortgage It Will Not Affect You At All BUT IF YOU ARE Then You Have A Problem But If You Are Not On The Mortgage AND Your Wife Added You On As A Authorized User On One Of Her Accounts Then All Her Pass
Credit Now Comes On Your Credit As well So If She Owned The House But She Added You On One Of Her Credit Accounts And The House Gets Foreclosed On It Won't Only Affect Her But It Will Also Affect You As Well
Because Once She Adds You On To One Of Her Accounts Everything On Her Credit Also Shows Up On Your Credit Report As Well

But No A Short Sale Does Not Affect Your Credit At All

A Short Sale Will Save Your Credit If You Are In Foreclosure

[Fr_Chuck]

A "short sale" is just a sale, the lender agrees to accept a lower amount as payment in full. It is just a sale.