This is a question most frequently asked by short sellers in Lakeland Fl as well as other areas. Credit experts agree that both a short sale or foreclosure affects the credit score, but the only difference is that the impact of a foreclosure is much worse than a short sale. Remember that the moment you are behind on your mortgage payment for your Lakeland Fl home for 30 days or more, the bank has the right to report that you are 30 days behind on your mortgage payments to all major credit bureaus. Once a late payment is reported to the 3 major credit bureaus, then this will directly affect your credit score. After going through a short sale, most homeowners will have 30+, 60+, or 90+ day late payments on their credit reports. Once the short sale is completed, the banks will report this as “settled for less than owed” or “paid for less than the full amount.” Your credit report may also be marked as “settled.” There are some Lakeland Fl homeowners who are able to go through a short sale without missing a payment. Therefore, there are no late payments reported on their credit report and when there are no late payments reported on your mortgage, then your credit score will not be affected. Therefore, it is actually possible to complete a short sale without affecting your credit score by not missing out on any payments or other bills. Keep in mind, though that your credit report may still be marked “paid in full or less than the full amount” once you complete a short sale. Authored by Petra Norris I am foremost a mother, wife, grand-mother, arts lover, and my occupation involves helping sellers sell and help buyers help buyers buy their Lakeland FL homes. Over 15 years experience in residential real estate enjoying every minute of it even if it is difficult, such as short sales - love challenges the profession brings.