Short sales and foreclosures equally degrade FICO scores

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Foreclosures vs. Short Sales.. If it sells in a short sale then the seller avoids foreclosure, and does not get their credit score dinged. If it forecloses, then the bank picks its own listing agent to get it sold, and the original seller’s listing agent get no compensation for their.

You will find that both the Deed in Lieu and Short Sale have a very similar impact on your credit score. Neither one is as bad as a foreclosure or bankruptcy at banging up your credit score. Yet, these avenues, short sale and deed in lieu, will put a drag on the credit score.

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If you are thinking of foreclosing, make sure you know all the repercussions beforehand. Your credit score will take a huge hit. Think wisely before doing a foreclosure or short-sale as it will be on your record for up to 7 years. During this time, you won’t be able to get another mortgage loan.

What's worse for credit score – foreclosure, short sale or. – This is not true – turns out there’s no significant difference in FICO score impact among foreclosures, short sales. as equally bad.. a foreclosure, short sale or deed in lieu of.

 · The maker of the FICO credit score, Fair Isaac & Co., released two tables that show how a short sale, foreclosure, and bankruptcy degrade the score of a consumer starting with a low, medium, and high score. In general, the old adage, “The higher they climb, the farther they fall,” holds true for credit scores.

A short sale is better over time as long as you don’t have a deficiency judgment for the loss that the bank took with the sale. "FICO said homeowners with short-sales and foreclosures on their records ended up with similar credit scores, assuming their scores were similar as distressed homeowners (see illustration below)."

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Short sale or foreclosure? The naked truth for underwater. – Thus, no distinction is made in FICO ratings between getting rid of an underwater home by short sale versus losing it to foreclosure. [For more information on the FICO study’s data regarding the effect of short sales versus foreclosures on credit scores, see Housing Wire article, Short sales and foreclosures equally degrade FICO scores.]