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deed in lieu of foreclosure

Posted on: 16th Sep, 2006 05:18 pm
i am trying to do a deed in lieu of foreclosure, but before i do that i will like to know if my credit will get damaged and how soon can i get rid of making the payments. i am in a very bad situation and dont know what to do. please help
It will affect your credit score but not to that extent which might be if a foreclosure happens.
Posted on: 16th Sep, 2006 05:40 pm
Hi,

I can understand your difficult situation.

Let me provide some information about deed in lieu. In deed-in-lieu of foreclosure there is release from your mortgage obligation but junior liens will stay and after the initiation, it is normally required to complete the process within 90 days.
Posted on: 16th Sep, 2006 06:11 pm
Hi,

You can go through the details on this page for more information on Deed-in-lieu of foreclosure.

Colin
Posted on: 16th Sep, 2006 06:30 pm
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