Repairing Your Credit After a Short Sale or Foreclosure

Last week I wrote a blog about how a short sale can affect your credit.  Today I heard some interesting information from Chris Colston, with Second Chance Credit, that I would like to share.

  • Nationally, there are approximately 14.9 million customers with underwater mortgages.
  • Many of these will end up short selling their homes or having them foreclosed on.
  • If you do a short sale, your credit will be hit between 60-150 points depending on your credit.  Ironically, the better your credit, the more you will be hit.
  • Due to housing crisis, many creditors are looking at an individuals credit history.  If the only blemish is a short sale, they may still lend money.  If there are other blemishes, such as late mortgage payments or maxed out credit cards, they may not.
  • If you are considering a short sale and have not missed a payment, DO NOT stop making payments.  Banks are working with short sales with mortgages that are current, and it will affect your credit more if you stop making payments.  Up to 110 points on top of those you will get for the short sale.

If you would like help to get your credit back on track, contact Chris.

About The Author

Jennifer Wollmann


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  85. Chris Colston October 24th, 2012 at 12:47:35 pm


    It was such a pleasure meeting you and your fellow Realtor at your branch. Yes, having multiple late payments and then a short sale will have a severe impact on your credit, and make it so much harder to rebound from the damage. With the new programs, and banks willing to help without having the customer to default, it makes the short sale process a smoother one, and much better on the customers credit score and credit history.


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