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Posted: Wed Jun 17, 2009 6:35 am Post subject: deed in lieu information

FYI - I have no idea why all the informaiton out there claims that a deed in lieu of foreclosure counts any less against a person's credit and is any better. I have worked for several years helping people to get stuff straightened out on their credit reports and I can tell you all for a FACT that a deed in lieu IS REPORTETD on the credit reports the same as a foreclosure is and in fact, often DOES say foreclosure as that is how these mortgage companies are reporting these items and the bureaus refuse to correct them. SO anybody who thinks it's going to be any less on their credit is wrong. ALso although a foreclosure can count 150-200 points against your credit it will count less as the years pass, however JUST ONE late mortgage payment can knock a score down as much as a 100 points! SO NOTHING anybody does against their mortgage will be good on their credit and one single late payment made over the last 2 years is preventing people from getting refinancing and mortgages! With the mess SO MANY people are in now with their credit and the companies being even more cautious to lend now it will take a REALLY long time for this economy to bounce back.

robertsmith2005 · Joined: 22 May 2009 Posts: 338 -0.48 Dollars($)

Welcome & thanks for sharing info.

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deed in lieu information