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How bad would a deed in lieu of foreclosure affect your credit?
Wiki User
∙ 16y ago
From what im told it is not quite as bad as a full forclosure. It will take about 2 years to recover from. I do not no this for sure but if you find a better answer please let me know I am in the same boat with some properties that I own.
Wiki User
∙ 16y ago
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Will a deed in lieu of foreclosure go on your credit report?
Yes.
How can foreclosure on my credit report affect me?
A foreclosure will affect your credit and credit score by decreasing your score, and potentially lowering your overall credit scoring method. If you have a trust deed and the vast majority of home sales in the United States involve a trust deed once the sale takes place the lender simply gets the home back. There is no deficiency owed. However if there is a second mortgage or most likely a second trust deed that lender will normally not bid at the foreclosure sale and you will owe that as an unsecured debt. If you have only one mortgage or trust deed you can simply let the home go back if you are unable to sell the home. If you owe a significant 2nd loan then you may need to consult with a bankrutpcy attorney to resolve that debt
How does foreclosure affect a person who is listed on the deed but not the mortgage?
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.
How long will your credit be affected with a deed in lieu of foreclosure?
The item will remain on your report for 7 years.
Will a deed in lieu of foreclosure appear on your credit report?
From what I have gathered so far, a forclosure is the worst thing for your credit next to bankruptcy, and a deed in lieu is just better than a forclosure.
Does a Deed in lieu of foreclosure affect credit the same as a foreclosure?
Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure. Below is an article about the pros and cons of deed in lieu.
Are you liable if you are getting a divorce and your house is facing foreclosure but your name is not on the deed?
Getting a devorce and house is facing forclosure but my name is not on deed. Am I liable.
Will a deed in lieu of foreclosure go on your credit report?
Yes.
Can you do Deed in lieu after foreclosure?
deed in lieu after foreclosure?
How can foreclosure on my credit report affect me?
A foreclosure will affect your credit and credit score by decreasing your score, and potentially lowering your overall credit scoring method. If you have a trust deed and the vast majority of home sales in the United States involve a trust deed once the sale takes place the lender simply gets the home back. There is no deficiency owed. However if there is a second mortgage or most likely a second trust deed that lender will normally not bid at the foreclosure sale and you will owe that as an unsecured debt. If you have only one mortgage or trust deed you can simply let the home go back if you are unable to sell the home. If you owe a significant 2nd loan then you may need to consult with a bankrutpcy attorney to resolve that debt
If your mother in law is the executor of the will but does not have her name as an owner of a house and it is repossessed in the state of Georgia will it reflect on her credit?
It will affect her credit if she executed the mortgage along with her husband. If her name is not on the mortgage or the property then it will not affect her credit. She should consult with an attorney who can review the situation and determine what her options are. Perhaps the bank would accept a deed from the heirs in lieu of foreclosure.
Do you have to pay for a home if you are on the deed?
If your name was added to property after the property was mortgaged then you are not legally responsible for paying the mortgage and a foreclosure of the mortgage will not affect your credit. However, if the mortgage isn't paid the lender will take possession of the property by a foreclosure process.
How does foreclosure affect a person who is listed on the deed but not the mortgage?
If two people are co-owners of real property and then only one signs a note and mortgage, the lender can only foreclose on that one's interest in the property. A foreclosure would only be reported on that person't credit record.If your name was added to the property after the mortgage was granted by the owner you are not responsible for it as long as you didn't sign the mortgage or the note. The foreclosure would only be reported on the mortgagor's credit record.
How long will your credit be affected with a deed in lieu of foreclosure?
The item will remain on your report for 7 years.
Where may you obtain a 'Deed in Lieu of Foreclosure'?
A deed in lieu of foreclosure is a deed to real property accepted by the lender from a borrower who is in default. It is accepted in order to avoid the expense of a foreclosure. If you are in default you would need to negotiate with your lender to see if they would accept a deed in lieu of foreclosure from you. There may be other consequences of a deed in lieu so you should seek the advice of an attorney if you are in default and contemplating your options. There may be a community service available for foreclosure counseling in your area.
Will a deed in lieu of foreclosure appear on your credit report?
From what I have gathered so far, a forclosure is the worst thing for your credit next to bankruptcy, and a deed in lieu is just better than a forclosure.
In Florida can you have a home equity line of credit and still file a deed in lieu of foreclosure?
You will not be able to keep your home equity line of credit if your house is in foreclosure or anything similar to it. This is standard across the United States.
