1. Does A Lakeland Fl Short Sale Affect
My Credit Score?
Does A Lakeland Fl Short
Sale Affect My Credit
Score?
By Petra Norris

2. This is a question most frequently asked by short sellers in Lakeland Fl as well
as other areas. Credit experts agree that both a short sale or foreclosure
affects the credit score, but the only difference is that the impact of a
foreclosure is much worse than a short sale.

3. Remember that the moment you are behind on your mortgage payment for your
Lakeland Fl home for 30 days or more, the bank has the right to report that you
are 30 days behind on your mortgage payments to all major credit bureaus. Once a
late payment is reported to the 3 major credit bureaus, then this will directly
affect your credit score.

4. After going through a short sale, most
homeowners will have 30+, 60+, or 90+ day late
payments on their credit reports. Once the
short sale is completed, the banks will report
this as “settled for less than owed” or “paid for
less than the full amount.” Your credit report
may also be marked as “settled.”
There are some Lakeland Fl homeowners who
are able to go through a short sale without
missing a payment. Therefore, there are no
late payments reported on their credit report
and when there are no late payments reported
on your mortgage, then your credit score will
not be affected. Therefore, it is actually
possible to complete a short sale without
affecting your credit score by not missing out
on any payments or other bills. Keep in mind,
though that your credit report may still be
marked “paid in full or less than the full
amount” once you complete a short sale.

5. By Petra Norris