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Deed in Lieu of and 13 credit hit

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Icon Mini Profile rcatc





Joined: 01 Nov 2009

Posts: 7

3.17 Dollars($)
Post Posted: Wed Nov 18, 2009 10:58 pm    Post subject: Deed in Lieu of and 13 credit hit
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If I file a deed in lieu of, then BK 13 a few months later, does this affect my credit twice? Does this mean a 250-300 point decuction for the deed in lieu, and 200-300 for the BK 13?
Icon Mini Profile savior70





Joined: 25 Mar 2009

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Location: Florida
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Post Posted: Thu Nov 19, 2009 6:19 am    Post subject:
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Hi,

It will affect your credit twice. Doing a deed in lieu on the property and filing bankruptcy are two different things. Their impact on your credit will be different. However, the extent of the impact will depend on your individual situation. It cannot be said for sure how many points your scores will drop due to the deed in lieu and the bankruptcy. If you did not have too many missed payments before the deed in lieu, your score may not drop by 250 points. Moreover, if you pay off your debts through chapter 13 plan, it can have a good impact on your credit and can help you qualify for a loan in future.
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