How Will A Short Sale Affect My Credit Score?
It will be damaged. That’s the unfortunate truth. But keep in perspective what it means to have damaged credit and its practical effect on your day to day life. Credit has value only when borrowing money or when being used as a variable in determining eligibility for certain jobs/employment opportunities (or security clearances). If your job/employment is not dependant on your credit, a short sale will have no impact. If you don’t expect, or need to, borrow money in the next 24 +/- months, a short sale will have little to no impact in your daily life. Credit will self repair if you return to paying creditors on-time and as agreed. The unfortunate, yet minimal, risk of having damaged credit is one of the unintended consequences of a short sale. The only way to avoid damaged credit is to continue paying your mortgage as agreed and until maturity. For most of us, that is not a possibility. It’s often not a matter of whether or not we will default but when we have to default. Since it take
