What's The SD On A "Short Sale" (Real Estate) And Your Credit Report

Factual Questions
1

I saw a show on the foreclosure crisis in America and there seems to be a ton of misinformation about selling short (real estate).

I’ve seen everything (through Google Searches) from it doesn’t appear on your credit report to it’s just as damaging as a foreclosure.

I was wondering if anyone here has actually partcipated in one and what a short sale actually does to your credit report.

I’ve only dealt with commercial collections (not real estate or personal) so I never ran across this in that line.

2

Can’t answer definitively, but I can share an anecdote: my lender (Citi Residential) requested that I find a realtor and put my house up for short sale. I complied. Offers started coming in; Citi rejected them all, and wound up foreclosing, and got less money than they would have if they had accepted any of the prior offers. And I have a foreclosure on my credit report (which is still not bad).

So good luck.