Archive for September, 2008

Short Sale Credit Rating Q & A

Thursday, September 25th, 2008

Q: Hello. I am wondering what a Short Sale will do to my credit report? I have two properties and can’t pay for one of them anymore.

Janice Ann Monaco

A: Hi Janice,
Yes, a short sale will affect your credit rating. Typically when you come to a agreement with the bank on short sale you stop making mortgage payments, in most cases once you have a 120 day late payment on your credit report with your mortgage company, HUD and most lenders consider that a foreclosure. If you can sell the property fairly quickly in this market and avoid those late payments it can be beneficial. In most cases I don’t see the advantage for the homeowner. I personally think the only person it benefits is the realtors pocketbook.

Mike Clover your resource for free credit report repair, credit reports, credit cards, and loans.

credit score affected by title Q & A

Tuesday, September 2nd, 2008


I came across your website, thank goodness for it. If you don’t mind answering a question I would certainly appreciate a response, whose credit score would be affected if someone forecloses a house. Is it the mortgagee’s or the title holder’s or both? The person’s name on the title is not the same person as in the mortgage contract. Would both be affected from the foreclosure?

I look forward to your reply.

Thank you,

Lago from Michigan

Hi Lago,

The person that is on the mortgage is the only person’s credit score that will be affected. If there is a person only on title that individual credit will not be affected what so ever. Typically individuals that have there social security number attached to a debt is what reports to all 3 credit bureaus, not someone that holds title.

Hope this helps.

Your resource for free credit reports, credit cards, and credit advice.

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Disclaimer: This information has been compiled and provided by as an informational service to the public. While our goal is to provide information that will help consumers to manage their credit and debt, this information should not be considered legal advice. Such advice must be specific to the various circumstances of each person's situation, and the general information provided on these pages should not be used as a substitute for the advice of competent legal counsel.