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Deed in Leiu

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cadillon111 Joined: 01 Aug 2009 Posts: 1 1.00 Dollars($)	Posted: Sat Aug 01, 2009 4:48 pm    Post subject: Deed in Leiu Like 0 Dislike 0 I live in Florida my home is worth less than I owe, I consulted with a lawyer about DIL. I plan to do DIL and buy a cheaper house, will it be difficult to get a mortgage loan? Should I purchase the other propert first then do theDIL.
williamdona2001 Joined: 31 Jul 2009 Posts: 54 0.00 Dollars($)	Posted: Sun Aug 02, 2009 2:58 am    Post subject: Like 0 Dislike 0 Hi cadillon111, Welcome to MortgageFit Forums. A deed in lieu will badly affect your credit score and will lower it by 250 points
adonis Joined: 22 Oct 2005 Posts: 10254 Location: ALASKA 1044.21 Dollars($)	Posted: Sun Aug 02, 2009 10:51 pm    Post subject: Like 0 Dislike 0 Hey cadillon, You won't be able to get a mortgage immediately after you go for a deed in lieu of foreclosure. You'll have to wait for 3-4 years in order to get a loan after a deed in lieu. You can try to purchase a property first but as you already have a mortgage and facing difficulty in paying it off, I don't think lenders would be ready to give you another loan. _________________ Procrastination is the enemy of your financial success

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