SSS National, LLC

: credit implications

A short sale typically will have a negative impact on your credit score, but the impact is far less severe than a foreclosure or personal bankruptcy.
  • The short sale will usually be reported as "redemption" of a debt. While this item may remain on your credit report for 7 years, you should be eligible for Fannie Mae financing within 18 to 24 months, and typically sooner from other mortgage lenders, after a short sale is reported on your credit report.

  • If a foreclosure or bankruptcy is on your credit report, it may take as many as 5 to 7 years to obtain Fannie Mae financing.

  • A short sale itself will usually result in an initial drop in credit score of between 100 to 150 points.

  • Also impacting your credit score are late payments, if any, that your lender reports to the credit bureaus. Delinquencies of greater than 60 days have much more of an impact on your credit score than the short sale itself.

  • Your subsequent payment record will determine how long it will take to restore your credit rating.

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