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What impact does a short sale, foreclosure or deed-in-lieu have on your credit score?

FICO, the leading provider of consumer credit scores conducted a study and found:

All in all, we saw:

  • The magnitude of FICO® Score impact is highly dependent on the starting score.
  • There’s no significant difference in score impact between short sale/deed-in-lieu/settlement and foreclosure.
  • While a score may begin to improve sooner, it could take up to 7-10 years to fully recover, assuming all other obligations are paid as agreed.
  • In general, the higher starting score, the longer it takes for the score to fully recover.
  • Even if there’s minimal difference in score impact between moderate and severe delinquencies, there may be significant difference in time required for the score to fully recover.

http://bankinganalyticsblog.fico.com/2011/03/research-looks-at-how-mortgage-delinquencies-affect-scores.html

Evan M. Rosen
Rosen & Rosen, P.A.
4000 Hollywood Blvd, #725-S
Hollywood, FL 33021
954-981-1852(Phone)
954-981-4610(Fax)
www.rosenandrosen.com

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