G-Mansmom asked:
My exhusband and I went through the process of a short sell on our house to avoid foreclosure. Does this look the same on my credit report?
Ted
My exhusband and I went through the process of a short sell on our house to avoid foreclosure. Does this look the same on my credit report?
Ted
{ 4 comments }
Lester
much better than forclosure
Stephanie
It will be much better than a short sale on your credit. There may be some remaining money problems because of how the shortage will be treated by the mortgage company, but the shortage would be much more dramatic and treated just as bad or worse in the case of a foreclosure.
Edwin
No, a foreclosure will be listed as a foreclosure, which is one of the worst things you can have on your credit report. The short sale can be reported several ways – “closed on agreement” or “settled for less than original terms” or a host of other possibilities. While these are negative listings, they are no where near as bad as a foreclosure.
Terri
Pretty much. And are you aware that the lender can file a 1099 form with the IRS showing you received the difference in the sale price and mortgage balance of taxable debt-forgiveness income?
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