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There is not a certain time to repair your credit. It will likely take a number of years to rebuild your credit.
Yes.
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.
The item will remain on your report for 7 years.
One advantage is that the foreclosure process will end sooner. Once the bank accepts the deed in lieu of foreclosure, all of the legal procedures come to a end immediately. The bank accepts the deed as payment in full for the loan, and the homeowners are no longer in default of the mortgage. Another benefit is the homeowners will not have as badly damaged credit as if they had gone through the full foreclosure. With the foreclosure process ending sooner, there are fewer missed mortgage payments. The bank typically reports late payments up until the month of the county foreclosure auction, which can result in many missed payments. With a deed in lieu of foreclosure, some of these can be avoided, as the foreclosure process is terminated early. This, in turn, allows homeowners to begin recovering financially more quickly than if they had let the home go through with the entire foreclosure process. They can begin working on credit repair sooner rather than later.
Yes. Answer {| |- | This is where you are unable to pay for the house and you voluntarily give the house back to the lender. This is subject to a deficiency judgment yet counts as a "less serious" foreclosure on your credit. However, you lose your greatest asset, your home. |}
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.
deed in lieu after foreclosure?
Yes.
Deed in Lieu is as bad as a foreclosure.
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.
A letter requesting the deed in lieu of foreclosure is written to the bank. You should explain the foreclosure situation and request the deed afterward.
The item will remain on your report for 7 years.
Often confused with a "short sell", a "deed in lieu" is used when a homeowner facing foreclosure asks the lender to accept the deed instead (in lieu) of foreclosure. A sample request for a deed in lieu can be found at the source below.
You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.You need to provide more details. A deed in lieu is a deed from a borrower to a lender in lieu of a foreclosure. That does not seem to be your case. You can provide more detail on the discussion page.
The amount of time that a deed in lieu of foreclosure stays on your credit report depends on the state. The minimum amount of time is seven years. In some states they stay on indefinitely.
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.
NO.