It depends on how the lender reports data to the 3 credit reporting agencies. All if reported correctly have a negative impact on your credit scores.

Few suggestions:
a) Try working with lender
b) If push it then short sale property
c) Deed in lieu of foreclosure or short sale

You need obtain all in writing.

I have been a listing / buyers agent for short sale. Happy work with you

If you are to move from current residence YOU need to do so prior impacting your credit report, we work with many potential tenants MOMENT any of these hit your credit report you will need to pay double, triple deposits, potential rejection of your application.

Contact my office discuss pro's and con's where I can fact find more

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

http://www.lynn911.com

Yep, a short sale if the best of the 3 poisons. However, you would still have to qualify for it and show hardship.

I am working on 5 of them right now and they are tough on the sellers and the process is lenghty but worth saving your credit.

Naima
214-289-8555
Naima@Sumner-Realty.com

If your home is foreclosed, it is something you have to answer the next seven years or more that it appears on your credit, from the date it was added. Every time you apply to rent, lease, buy, etc. If you do a deed in lieu of foreclosure (many banks do not agree to doing this) then it can possibly be avoided, depending upon if they file the legal process or not. A short sale would be the best case scenario of the three situations you presented, simply because in a short sale the bank agrees to accept an amount short of what you owe them, which means you will likely have late payments show up, but it is the proverbial lesser of two evils to have follow you around, and is easier to recover from.

I hope that was helpful to you!

Your Real Estate Resource,
Nicole Arenas, Realtor
William Davis Realty
214-991-9507

Exactly Kerry!

A short sale is not necessarily part of a foreclosure process. If you get to it early enough, it nevers becomes part of the process.


Jackie

Frisbee

It actually makes no difference. Once the foreclosure process starts (ie:you get a letter in the mail from the lender that says they are starting foreclosure) it gets listed on your credit report as "foreclosure process started". Once this happens almost every lender considers this a foreclosure even if you end up selling the home before the bank actually takes it. This is a very common misconception for many people in your situation. I hope this helps.

Definitely short sale. It shows that you have a balance left on your mortgage amount, but not the entire amount like a foreclosure or deed in lieu. Much better to go short sale if you can...

Good luck!


Jackie

Oh, and deed in lieu does show up on your credit report:
http://www.mortgagefit.com/deedinlieu/affectcredit.html

OMG! Short Sale, and I love doing them. I've done three this month. Give me a call or email and I can explain everything to you.

Kerry Thornhill 214.205.2056 kerrythornhill@gmail.com http://www.kerrythornhill.com

Your Credit report will never show Deed In Lien. Short sale vs. foreclosure is determined to how the lender submits the data. None are good on your credit.
Have you tried working with the lender to stay in the home? Maybe even renting it until you can sell it could be an option?
ood Luck,
Jerry