FAQ’s on credit and distressed sales from NAR

How long will a short sale stay on my credit report? How many points on the score will I lose if I declare bankruptcy? How long until I can get a government-insured loan if the bank forecloses on my home?

You’ve probably heard some variation of these questions from your clients. If you’ve ever been unsure of how to answer, NAR has created two resources to help:

  1. A new FAQ sheet on FICO scores (sample questions: How long will a foreclosure affect your FICO score? How long will negative information remain on your credit report?)
  2. A chart describing how a short sale, foreclosure, etc. will affect someone’s ability to acquire a government-backed home loan in the future

(photo credit)

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One Response to FAQ’s on credit and distressed sales from NAR

  1. Timely information. With more and more homeowners heading to short selling their home, providing them with information can better prepare them for post-short sale life.

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