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Why Are Short Sales So Bad For Your Credit?

Friday, September 7, 2012 - 8:59 AM
From credit.com,
[...] A severe drop of 160 points or so in your credit score isn’t so surprising in the case of a foreclosure.  However, some may not realize that a short sale or mortgage modification can have a similar impact.  Some even argue that FICO scoring is too hard on consumers who “do the right thing” by working with their lender toward a short sale or mortgage modification, versus simply walking away from their obligations (aka strategically defaulting).
 
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pearlbrownpearlbrown1,356 posts since
Nov 2, 2010
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