Colli Real Estate

Does anybody know exactly what happens to your credit after a real estate short sale?

We were recently married, each came to the marriage with a home. We are selling one and are not in foreclosure but for financial reasons we need to unload the house. There is no way we will sell it for what we owe, we are in the suburbs of Detroit, Michigan. Home values continue to decline. Wonder if anyone had done a short sale in a similar situation and what your credit looked like after. It is my husband house entirely in his name and he currently has near perfect credit. Thanks in advance!

The article in the newspaper said that your score would go down to 600 after a short sale. That surprised me. If you were not behind on your payments, why would anything be reported to a credit agency. But it seems to be true..

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