<\/strong>Short sales have become so common in fact that it’s hard to find someone that hasn’t heard of a short sale as opposed to just a few short years ago when most people had no clue what a short sale<\/strong> was.<\/p>\n
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A short sale is when a mortgage holder tries to sell their property for less than what is owed. The delinquent homeowner must first get permission from their lender in order to pursue the short sale.<\/strong> Homeowners will typically seek out a short sale when they can no longer afford to pay the mortgage or the house owes much more than what the property is worth. Banks have come to the realization that they actually lose more money by taking a property to foreclosure as opposed to a short sale.<\/p>\n \u00a0<\/p>\n Many people will argue that a short sale will affect you far less than a ejecuci\u00f3n hipotecaria<\/strong> but the truth is that whether a seller does a short sale<\/strong> or foreclosure the points you lose are about the same. Fair Issac says the average points lost on a FICO score are as follows:<\/p>\n 30 days late: 40 to 110 points \u00a0<\/p>\n It depends a lot on how the lender records or reports the sale once the transaction is complete. A short sale<\/strong> is usually recorded by the lender as a settlement as opposed to a paid debt. When the lender reports the sale as “settled”, it appears on a credit report as the lender accepting less than what\u00a0 was owed. This will always have a negative affect on credit scores. However, if you’re able to get the lender to record the sale as “paid”, then your credit score will not suffer any further. The chances of this happening are slim to none and it takes some really good negotiating skills by your Orlando realtor<\/strong><\/a> with the short sale lender in order to accomplish this improbable task.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n According to some mortgage brokers that I work with, it’s much easier to get someone a loan that has a short sale<\/strong> on their credit as opposed to having a foreclosure on their credit, even after several years have passed. The best thing to do once your short sale has gone to closing, is to contact several of these Credit repair companies and find out what they are offering. My suggestion, as always would be to\u00a0 Google “credit repair companies”<\/a> and contact all the companies that appear on page 1. Credit repair has become very competitive and most companies will work with you on an affordable payment plan.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n\n\n Getting your credit score back on track after your short sale is complete \u00a0 The local economy is recovering “slowly but surely”, the housing market is getting stronger and the term\u00a0 “Orlando short sale” has become a household name. Delinquent homeowners generally elect to pursue a short sale as opposed to going through foreclosure or […]<\/p>\n","protected":false},"author":4,"featured_media":22189,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[7,54,9,6,17],"tags":[190,191,192,193,59,12,117,194,39,170],"class_list":["post-3103","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-mortgage-companies","category-orlando-foreclosures","category-orlando-realtors","category-orlando-short-sales-2","tag-credit-repair","tag-credit-repair-and-short-sales","tag-credit-scores","tag-fix-your-credit","tag-orlando-foreclosure","tag-orlando-realtors","tag-orlando-short-sale","tag-orlando-shot-sale-blogs","tag-short-sale","tag-short-sale-blogs"],"acf":[],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t
90 days late: 70 to 135 points
Foreclosure, short sale or deed-in-lieu: 85 to 160
Bankruptcy: 130 to 240<\/p>\nPeople who Opt for an Orlando short sale will have a much better chance of qualifying for a mortgage in the future.<\/h3>\n
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