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rcatc · Joined: 01 Nov 2009 Posts: 7 3.17 Dollars($)

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?

savior70 · Posted: Thu Nov 19, 2009 6:19 am Post subject:

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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Deed in Lieu of and 13 credit hit