| If you are at least 38 years old, the phrase "one | | | | question. Maybe the loan officer will give us one |
| bad apple" brings back some memories. Go ahead | | | | more chance on a loan. The average foreclosure |
| and finish the song. Sing it out loud. It will bring | | | | will take 200-300 points off a person's credit |
| back great memories and most of you will feel | | | | score. This means if a person has a 620 prior to |
| good all over because that is how we felt in the | | | | foreclosure, they will drop from 420 to 320 |
| 70's. "One bad apple don't spoil a whole bunch girl; | | | | afterward. Consequently the numbers for a short |
| give me one more try before you give up on | | | | sale come up identical. The ding on the credit |
| love." That song caused many people to ask this | | | | report shows up as pre-foreclosure in redemption |
| question in regards to so many different situations | | | | status resulting in a loss of 200-300 points. |
| in life "does one bad apple spoil the whole bunch | | | | However, banks judge the two differently so |
| or does it not?" We also ask that question when | | | | your chance of buying another home after a |
| it comes to some of our financial decisions in our | | | | couple of years is much more realistic post short |
| past, present, and wonder about our future. | | | | sale. |
| In a market where foreclosure and what we | | | | When facing foreclosure, many people think that |
| nicely call "pre-foreclosure" is becoming common | | | | saving their credit is out of the question, but don't |
| place, that question is prevalent. Does one bad | | | | throw in the towel so quickly. Make sure you do |
| apple spoil the whole bunch Mr. Loan Officer? | | | | your research. There are definitely ways to make |
| Some say it does spoil the "whole bunch"...your | | | | sure this unfortunate situation doesn't plague your |
| whole credit history. Some say short sale is a | | | | entire financial future. Call your mortgage |
| better option to foreclosure and it won't hurt your | | | | company and find out what the "spoiled" apple will |
| credit "that bad". What is "that bad?" Maybe | | | | do to your batch of apples, meaning your credit |
| Donny Osmond knew the answer to that | | | | history and how long it will affect you. |
