What is a SHORT SALE?
Property is sold when lender accepts a lessor payment for a mortgage owed.
Most likely you will be released from any deficiency judgment liens filed against you.
Since no foreclosure, it is not reported to credit bureaus.
Reflects on your credit report for approximately 2 years only.
FICO score may drop between 75-125 points only.
What is an REO?
BEST ANSWER REO stands for the bank's real estate owned properties. Some are NOT bank owned, but most are bank owned.
What is a FORECLOSURE?
Lender takes title and FORCES the sale of the property.
Lender has the ability to file a "Deficiency Judgment" against you and OTHER property you may own.
A foreclosure will be reported to most credit bureaus.
Reflects NEGATIVELY on your credit report for UP TO 10 YEARS.
FICO score may drop between 200-280 points.