· Does that mean you don’t have to worry about your credit when you get one of these forms? Not exactly. The event that triggered the 1099-C – unpaid credit card debt, for example, or a foreclosure or short sale of your home, a vehicle repossession or other incident in which you did not pay a debt – almost certainly has been reported on your credit reports.
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There is a myth in personal finance that a foreclosure is significantly worse than a short sale when it comes to your credit score. Unfortunately, this is simply not true. A foreclosure is a default on a loan agreement. A short sale is a default on a loan agreement. Both will show up on your credit report as a default on a loan agreement.
Should I seek credit counseling before bankruptcy? Under the new law. an individual debtor is prohibited from filing a bankruptcy unless the individual has received a briefing from an approved nonprofit budget and credit counseling service prior to filing a bankruptcy petition, unless the U.S. trustee or bankruptcy administrator determines that the service for the district in which the debtor.
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Best Answer: Well the sale itself wont hurt. Its just the fact that you are terminating a line of credit and the ammount of monies that you have available to you. It is impotant to remember that your FICO is made up of a percantage of things 35% = Making ONTIME payments, even if it is the MINNIUM! Mail it.
What is a Short Sale? A short sale occurs when the bank allows a homeowner to sell a home for less than what is currently owed to the bank. For example, if you owe the bank $200,000 but sell the home for $180,000 (and can’t pay the $20,000 still owed), the sale would be considered a short sale, as the mortgage lender would be receiving less money than it is owed.
What does short sale mean for people who are facing a foreclosure? If you’re able to make it work, selling your home before the bank forecloses could help mitigate damage to your credit score.