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Brett Henry

Phone: 801-623-2518
Email: Brett@simplechoicerealestate.com

Brett Henry
Brett Henry
Saratoga Springs, UT 84045
801-623-2518
Contact Me

Contact Me

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Brett Henry
801-228-1683

 




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Short Sales and Credit Scores

Credit reporting
A short sale does adversely affect a person's credit report, though the negative impact is typically less than a foreclosure. Short sales are a type of settlement. Like all entries except for bankruptcy, short sales remain on a credit report for seven years. Depending upon other credit information it is typically possible to obtain another mortgage 1-3 years after a short sale.

While it is frequent, if not common for a lender to forgive the balance of the loan in question, it is unlikely that a lien holder that is not a mortgagee will forgive any of their balance. Further, it is common for a lender to omit updating mortgage balances to reflect a zero balance after a short sale. However, willfully misrepresenting information on a credit report can constitute libel in some jurisdictions, and lenders may be sued in civil court for engaging in this behavior.


Brett Henry | 801-623-2518 | Contact Me
536 N Ritter - Saratoga Springs, UT 84045
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