How soon will I be able to purchase a house if I decided to

zenozatch · Joined: 30 Oct 2007 Posts: 1 1.32 Dollars($)

If you did a deed in lieu of foreclosure in October of 2007, how soon will you be able to purchase a home or lease a home with the option to buy?

Can one pull their credit up after this procedure?

Guest

DIL have a negative affect on borrower's credit report. As a result it may prevent the borrower to get loan.

helping_user · Posted: Tue Oct 30, 2007 10:02 pm Post subject:

Hi Zenozatch,

You can get a new mortgage after DIL, it won't be impossible. But the lenders may charge high rate of interest.

As DIL will show up on the credit report, you need to improve your score first. Proper money managing practicing skill and pay your bill payments in time will definitely help in improving the score. Once you build your score, then start searching for right lender and get a loan at reasonable rate.

Thanks

jenkin7 · Posted: Thu Nov 01, 2007 5:49 am Post subject:

Hello Zenozatch,

Deed in lieu of foreclosure is harmful for your credit but it does not stop the chances of getting another mortgage.

You may get lenders willing to help you but they will offer high interest rates.

It is wise to wait for sometime and build your credit and then apply for another mortgage. This will help you to get better rates.

larry · Joined: 27 Jun 2007 Posts: 3328 474.49 Dollars($)

Hi Zenozatch,

Deed-in-lieu has bad affect on your credit report. It will drop your credit score 80 to 100 points. So it will be very tough for you to get loan and if you get, it will be at a higher interest rate.

So I think you should wait a bit and improve your credit score and then apply for a loan.

Thanks,
Larry

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