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Keep payments on your home current if at all possible. Late payments can cause your credit score to drop significantly. You will lessen damage to your credit if payments are less than 30 days behind. Check with all three major credit bureaus to ensure the bank has reported the sale of your home as a short sale vs. a foreclosure. Often if a mortgage account is reported as 120 days or more past due, the credit bureau will automatically list the account as a foreclosure. Since banks are more willing to give you a new home loan after a short sale than after a foreclosure, it is important to correct your credit report if it erroneously states your house was foreclosed. CRE Online: How Does a Short Sale Affect the Homeowner's Credit?Avoid Late Payments
Ensure the Transaction is Reported as a short sale
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