- March 22, 2011
- Posted by: Christopher Hanson
- Categories: Real Estate, Short Sales
According to Fair Issac Company (My FICO) a company that provides analytic, decision making, and credit scoring services for financial service companies a credit score will go down by 40 to 110 points after being 30 days late. Further, the scoring drop will increase to 70 to 135 points after 90 days late on a mortgage payment.
The average scoring drop in a short sale, foreclosure or deed in lieu is 85 to 160 points. You need to keep in mind that in both short sales and foreclosure it is possible that the credit score drop could be closer to 200-300 points.
Credit scoring factors vary from individual to individual. The scoring change is heavily dependent on where the credit score was before the negative event took place. Both a short sale and foreclosure are considered a loan that was not paid as agreed.
Hello There. I found your blog using msn. This is a very well written article. I will make sure to bookmark it and come back to read more of your useful information. Thanks for the post. I will certainly return.
This information is very interesting, I really enjoyed, I would like get more information about this, thanks for sharing!
Some really nice stuff on this site, I [like] it.
Hi, this is a good post. Actually liked reading that. Thanks