Posted on: 06th Oct, 2009 10:51 am
I own a house in georgia and recently moved to Washington state working for the army. am having trouble selling the house and even finding a reasonable tenant, the morgage is becoming almost impossible now to service even though l have not defaulted yet.
I was considering deed-in-lieu but dont know how it will affect my credit score or my possibillity to own a house in the feuture :?
I was considering deed-in-lieu but dont know how it will affect my credit score or my possibillity to own a house in the feuture :?
Hi kiwide,
A deed in lieu will affect your credit badly as it would lower your credit score by 250 points. Moreover, it would remain on your credit report for the next 7 years like any other negative item. However, you can apply for a mortgage after 3-4 years of a deed in lieu of foreclosure.
A deed in lieu will affect your credit badly as it would lower your credit score by 250 points. Moreover, it would remain on your credit report for the next 7 years like any other negative item. However, you can apply for a mortgage after 3-4 years of a deed in lieu of foreclosure.