What impact does a short sale, foreclosure or deed-in-lieu have on your credit score?

The Law Offices of Evan M. Rosen, P.A.

FICO, the leading provider of consumer credit scores conducted a study and found:

All in all, we saw:

  • The magnitude of FICO® Score impact is highly dependent on the starting score.
  • There’s no significant difference in score impact between short sale/deed-in-lieu/settlement and foreclosure.
  • While a score may begin to improve sooner, it could take up to 7-10 years to fully recover, assuming all other obligations are paid as agreed.
  • In general, the higher starting score, the longer it takes for the score to fully recover.
  • Even if there’s minimal difference in score impact between moderate and severe delinquencies, there may be significant difference in time required for the score to fully recover.

http://bankinganalyticsblog.fico.com/2011/03/research-looks-at-how-mortgage-delinquencies-affect-scores.html

Evan M. Rosen
Rosen & Rosen, P.A.
4000 Hollywood Blvd, #725-S
Hollywood, FL 33021
954-981-1852(Phone)
954-981-4610(Fax)
www.rosenandrosen.com

Client Reviews

Mr. Rosen was recommended to us by our friends and we highly recommend him for his excellent service. He represented us in the matter of foreclosure defense. His comprehensive and detailed knowledge of Florida law, federal law, and ongoing relevant cases was key to building a robust and winning...

Jadwiga M.

In a few words, Evan Rosen saved my house. He got a final judgment in my favor. The judge gave the bank many opportunities (continuance of the trial even a mistrial) to solve all the issues that Evan Rosen will bring up to the judge (issues that were wrong with my case). In the end, his arguments...

Oscar D.

I am so grateful first to god and for the blessing of putting attorney Evan Rosen and his team of professional, in our lives. If you are going through a foreclosure and don't know what to do, I can honestly tell you that attorney Evan Rosen is the person to talk (855-55-Rosen) he takes his time to...

Julie D.

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