Posted on: 29th Apr, 2009 01:23 pm
How does "deed in lieu" affect my credit and how long?
Hi randallwood,
Any negative item will remain on your credit report for at least 7 years. Both deed in lieu as well as foreclosure will also remain on your credit report for 7 years. However with the passing of time, the effect of these negative items are lowered. Moreover, a deed in lieu as well as a foreclosure will lower your credit score by 250 points.
Thanks
Any negative item will remain on your credit report for at least 7 years. Both deed in lieu as well as foreclosure will also remain on your credit report for 7 years. However with the passing of time, the effect of these negative items are lowered. Moreover, a deed in lieu as well as a foreclosure will lower your credit score by 250 points.
Thanks
It is just "slightly" more favorable than a foreclosure.
The credit report will still show that a large secured loan went into arrears, it will count the number of months that they are late, then it will show that the creditor closed the account. This is basically what you get with a foreclosure... The only difference is that you do it sooner, so you might save a month or two.
The credit report will still show that a large secured loan went into arrears, it will count the number of months that they are late, then it will show that the creditor closed the account. This is basically what you get with a foreclosure... The only difference is that you do it sooner, so you might save a month or two.