Sent around our office today was an interesting article (from bankinganalyticsblog.com) about the impact a short sale or foreclosure can have on someone's credit score and their ability to purchase in the future. Remember when a foreclosure was the kiss of death....resulting in seven to ten years of inability to buy because of the scorch left on the credit report? No more...Today, depending upon the credit score before the hardship, consumers can recover and buy again in as few as THREE years.
See the article here. Taking away a message, the better your FICO score to begin with, the worse shape you will be in after a short sale or foreclosure. Just as high-priced home values are down as much as 60%; the bigger they are, the harder they fall. Taken from the article:
