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will Deed-in-Lieu of Foreclosure,be the best option

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kiwide Guest	Posted: Tue Oct 06, 2009 10:51 am    Post subject: will Deed-in-Lieu of Foreclosure,be the best option Like 0 Dislike 0 I own a house in georgia and recently moved to Washington state working for the army. am having trouble selling the house and even finding a reasonable tenant, the morgage is becoming almost impossible now to service even though l have not defaulted yet. I was considering deed-in-lieu but dont know how it will affect my credit score or my possibillity to own a house in the feuture _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
adonis Joined: 22 Oct 2005 Posts: 10242 Location: ALASKA 1042.50 Dollars($)	Posted: Tue Oct 06, 2009 9:23 pm    Post subject: Like 0 Dislike 0 Hi kiwide, A deed in lieu will affect your credit badly as it would lower your credit score by 250 points. Moreover, it would remain on your credit report for the next 7 years like any other negative item. However, you can apply for a mortgage after 3-4 years of a deed in lieu of foreclosure. _________________ Procrastination is the enemy of your financial success

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