Faith and Finance

RealEstateMarketingThisWeek.com – Real Estate Marketing – What is a Short Sale? – Short Sale experts discuss How to Negotiate to Stop a Foreclosure… Produced by Dan Havey of Real Estate Marketing This Week Part 2 – Were just going to go ahead if we could and just jump right into the short sale information. Jeri, again thank you so much for taking the time to be with us. What is the name of your firm? Our group is Dream Vesting Group and our brokerage is Keller Williams Arizona Realty. So that is great, licensed agents with Keller Williams and I know the two of you and I know of your history and we will talk a little bit more about that, but you have been working together for awhile. You and I had a chance to speak about the short sales and your success rate, very, very impressive proven results always helps. So the natural first question for those that are listening today. What is a short sale exactly? A short sale is a property sale where the bank or lender agrees to accept less than what is owed to them. So the bank is agreeing to take a loss on the sale of your property, and I like what you said earlier about not trusting a loan modification or a short sale to just anybody, you definitely dont want to be the guinea pig and you dont want to approach the bank yourself and ask them to please take a loss because you need to sell your home. And that is one of the things that is funny nowadays. I know people have seen them pop up all over the town, the ugly yellow bill …
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Question by Jennifer K: What matters more your credit score or the contents of your credit report?
If I have a good credit score but still have unpaid collection accounts on my credit report will lenders expect me to pay those before they would give me a mortgage? Or if my credit score is high does that mean they won’t really care about much else?

Best answer:

Answer by OC1999
In the end it would be up to the lender as to if they would make you pay it. A lot would depend on the amount as well as the type of debt. If it was for something like a medical bill they may not, but if it is for a credit card debt they may require you to pay it off. Their biggest fear from them is if you get sued would you then have to default on the mortgage, basically making you a higher risk.

However, your credit score is based on your credit report. So if you have negative items on your report that will be reflected in your score. How much depends on several factors. But it would be out of the ordinary to have a high credit score(depending on what you consider high) if you have collection accounts.

Know better? Leave your own answer in the comments!

Small business job creator's battle with banks
All but about 5% of my credit card debt is for business. I applied for a loan through the SBA. My credit report had to be pulled three times for the SAME LOAN, causing the hard inquiries on my report to lower my score. (credit pulls are about 10% of …
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