[Deforest Cooper]

Hello All!
I listen to alot of informational CD's and i heard that the only reason a foreclosure hits your credit harder than a short sale are the lates... To my knowledge a short sale hits your credit about 100 basis points, and a foreclosure hits your credit about 130 points. Due mainly to the 30 day lates and the 120 day lates and so forth. They both say charge off on the credit report which looks the same to a lending institution when they are extending credit, so mainly what they are going to look at and what greatly affects your credit are the 30 day lates... So don't be too upset to those of you out there with a foreclosure and short sales on your credit. Even with a Bk i think you are going to be alright in the future... if the credit card companies and the big banks and lenders, want to make money by lending it out... they are going to have to change there guidlines to be able to lend to people, because there are only going to be a selected few that will still have good credit and no bk's or short sales or foreclosures. So who will they lend to??? Don't worry to much.... everything will be fine!