Many homeowners we work with have questions about how a short sale may affect their credit score, and how that compares with the implications of allowing your home to go into foreclosure.
The short answer is that both will lower your credit rating, however there are many benefits to choosing a short sale over foreclosure. We've put together more information about how short sales and foreclosures affect FICO scores on our website. It includes two documents that our colleagues at Windermere Mortgage Services created that may be helpful for clients who owe more than their home is worth and are looking at their available options:
The Impact of Short Sale and Foreclosure on Your Credit Score
How Your FICO Score is Calculated
Monday, December 12, 2011
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