Mike Smith, Renter in Tinley Park, IL

I have a credit score of between 780-790. I am approx. 30k upside down in my current home which I want to short sell.

Asked by Mike Smith, Tinley Park, IL Sat Jun 15, 2013

What kind of a hit can I expect on my credit score?

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Answers

7
Also please remember that being underwater is not the only requirement for a short sale. There must be a clear financial hardship that makes it impossible or very very difficult for you to make your current payments. Rules are Job loss, hour reduction, new job with less pay, divorce, death of a breadwinner, relocation, etc.

It is always best to discuss with your loan provider. You can maybe qualify for a loan modification or refinance under the government program.
0 votes Thank Flag Link Mon Jun 17, 2013
At least a 200 hit on your credit.

Sit down with a couple of agents that specialize in this sort of thing to help
0 votes Thank Flag Link Sun Jun 16, 2013
It all depends. Listing short sales we have come to find that it all depends on your situation and mortgage lender in a case by case scenario.

In a very small percentage of them the homeowner's don't even have to stop paying their mortgage which saves their credit score from dropping too much. But for the most part every year the mortgage is not paid it will can usually hit your score somewhere between 75-100 pts but it all depends also on your credit history.

If you need help please call me at 708-262-4506 or TheEckertGroup@gmail.com

Brent Eckert
0 votes Thank Flag Link Sat Jun 15, 2013
Hi Mike

Congrats on having excellent credit.

However, ones credit takes a nice hit when one does do a Short Sale.

Check the comps and see if it makes sense to hold on and whether the neighborhood is
Likely to go higher or not.

Otherwise get in touch with the many fine agents and proceed with the short sale, as long as you understand that your credit will be tarnished for about 2 years.

Things can be different if this is a VA loan, etc.

Good luck.
Perry
Web Reference: http://Ruthandperry.com
0 votes Thank Flag Link Sat Jun 15, 2013
Hi Mike
You have had great advice given to you so I will just say that you did a great job in reaching out to a Realtor rather than try and figure it out yourself or just letting it go into foreclosure. I have helped families with this process and 2 years later some of them were ready able to buy another home. Best of luck to you and I wish you all the best through this process.
0 votes Thank Flag Link Sat Jun 15, 2013
Hi Mike,

I was in your shoes 3 years ago. This is how I got into the business. I have successfully helped 75+ families get out of their homes through a short sale. We have a company that processes all of our short sales - Streamline It "Short Sales Simplified." I would be happy to sit down and meet with you to talk about what your next step would be. Feel free to call anytime @ 708-955-4093 or email: shortsalesarah@gmail.com / Talk to you soon! :)
0 votes Thank Flag Link Sat Jun 15, 2013
If it's done correctly, with a real estate professional familiar with the process, probably in the 30 to 50 point range. This is only temporary, however, your score usually completely recovers in two years or so. The process is known as on ordered short sale. I have helped numerous clients in the same situation you are currently in. If you are interested in speaking to me directly, please call me on my cell at 708-710-8065 to dicuss. Thank you.

Scott Grabbinger
Broker
Realty Executives SourceOne
0 votes Thank Flag Link Sat Jun 15, 2013
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