Short sales and foreclosures equally degrade FICO scores

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Short sales won’t save your credit score. There’s nothing simple about deciding whether to sell your house in a foreclosure or in a short sale, which means you sell the property for less than you.

In fact, FICO recently published details on the impact of short sales (and other mortgage delinquencies) on FICO scores on its Banking Analytics Blog. According to that release, a consumer with a 720 score could see a drop to 570-590 as a result of a short sale with a deficiency balance; their score would then take about seven years to recover.

Short Sales & FICO Scores | Nevada Bankruptcy Attorney – A short sale with a deficiency balance, which they all have, is a settlement for less than the full amount due. This has the SAME impact on your score as a foreclosure sale, regardless of where your score starts from (680, 720 or 780). The following is the impact of both a short sale and a foreclosure; a FICO score of 680 becomes FICO 575-595.

This is the same as having a foreclosure on their credit report; FICO scores will be either in the 570-to-590 range or the 620-to-640 range at the two other credit bureaus; Short sales and foreclosures will remain on credit reports for three-to-seven year credit restoration

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Therefore, the average credit score should be somewhere around 575-600 if the scores are equally distributed.. negative credit events (bankruptcy, debt turned over to collection agencies, foreclosures) affect your FICO score for 7 to 10 years. I think much of that avg FICO score increase is just the expiration of these events being.

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