Comments on: How Bad Will Foreclosure Hurt Your Credit?

By: mary ann newton

mary ann newton — Sat, 05 Mar 2011 14:53:27 +0000

if i foreclose in Arizona how long do i have to wait to buy another home?

By: Accountant Marketing

Accountant Marketing — Sun, 13 Jun 2010 20:58:38 +0000

People need to remember that each credit score is unique and there are many possible credit implications with short sales and foreclosures. Your score will certainly get hurt more with a foreclosure than with a short sale, but just how much is dependent on your credit history and your credit profile.

By: Chandler Arizona CPA

Chandler Arizona CPA — Sun, 18 Apr 2010 15:55:47 +0000

I get asked this question everyday. It’s not that I don’t believe the FICO spokesman, I just think there are so many variables that it’s tough to quantify.

By: Justin

Justin — Thu, 24 Dec 2009 20:52:23 +0000

@Ken,

Thanks for stopping by — unfortunately no, they didn’t give any indication of that.

Sorry.

They only give glimpses in to their “magic equations” – and in my opinion, not enough transparency.

Justin

By: Ken Anderson

Ken Anderson — Thu, 24 Dec 2009 20:48:11 +0000

Do they mention anything about how long you are penalized for once the issue has been corrected?

By: justin.mchood

justin.mchood — Tue, 01 Dec 2009 05:19:26 +0000

@Debt Cancellation,

I agree — but this is what FICO says their “damage points” are, so for now I guess it is better than anything else we have to go on! Thanks for stopping by and commenting.

@Brandon,

No kidding! I posted this because I get asked the question so much – now I can just say something like “well, I don’t know for sure, but here is what FICO said…”

Thanks for commenting!

Justin

By: Brandon Marchand

Brandon Marchand — Tue, 01 Dec 2009 04:51:46 +0000

Amazing. I’ve been searching for infomation like this for a while. Expect a trackback

I’ve lost track of how many times I get asked this question by a homeowner in foreclosure or conetmplating a short sale. This is fantastic information

By: Debt Cancellation

Debt Cancellation — Tue, 01 Dec 2009 00:23:36 +0000

People are constantly wondering what effect a foreclosure or short sale will have on their credit. I think the answer is…time will tell. Everyone’s situation is different and based on the current housing crisis I imagine that in the long run it won’t be as bad as everyone thinks. With so many folks having credit issues, the credit bureaus should somehow find a way to sort through and really identify the deadbeats. We’ll see…

By: Top 10 real estate posts of the day for 11/30/2009 : Tempe real esatate and free home search

Mon, 30 Nov 2009 14:56:47 +0000

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