Posted on: 06th Mar, 2013 11:52 am
i signed over the deed in lieu of foreclosure and now i can't get a loan for a house. is there anything that can be done?
Welcome mgrimaldo,
If your property has been sold off through a deed in lieu of foreclosure and if it has been reported to your credit report, then you cannot immediately qualify for a new mortgage. You will have to wait for 2-3 years after a deed in lieu of foreclosure in order to get qualified for a mortgage.
If your property has been sold off through a deed in lieu of foreclosure and if it has been reported to your credit report, then you cannot immediately qualify for a new mortgage. You will have to wait for 2-3 years after a deed in lieu of foreclosure in order to get qualified for a mortgage.
Well, it's pretty obvious that you haven't got much to do because there's a wait of a couple of years in front of you. I'd suggest you focus on boosting up your credit rating in this time period, so that by the time the wait is over you can get a mortgage loan with a low interest rate.