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Deed in Lieu

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Icon Mini Profile yvesatl





Joined: 24 May 2011

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Post Posted: Tue May 24, 2011 12:57 pm    Post subject: Deed in Lieu
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How does the Deed in Lieu affect your credit?
Icon Mini Profile chrisgummerson

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Joined: 29 Apr 2010

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Location: La Palma, CA
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Post Posted: Tue May 24, 2011 2:31 pm    Post subject:
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It depends on how it is recorded. If it says paid less than account balance, you are settling your account. Your mortgage lates are going to be what hurts your credit the most, or if it goes into foreclosure.
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Chris Gummerson
Bay Valley Mortgage Group
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Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005



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Location: ALASKA
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Post Posted: Tue May 24, 2011 7:01 pm    Post subject:
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Welcome yvesatl,

A deed in lieu of foreclosure may lower your credit scores by around 250 points. Moreover, it will remain on your credit report for the next 7 years. To know all about deed in lieu of foreclosure, you can check out the given page: http://www.mortgagefit.com/deed-lieu.html

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