answersLogoWhite

0

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.

User Avatar

Wiki User

18y ago

What else can I help you with?

Continue Learning about Finance

Will a deed in lieu of foreclosure go on your credit report?

Yes.


How long will your credit be affected with a deed in lieu of foreclosure?

The item will remain on your report for 7 years.


Is a deed in lieu of foreclosure better than a foreclosure on your credit report?

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. |}


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


Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?

Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.

Related Questions

Will a deed in lieu of foreclosure go on your credit report?

Yes.


How long will your credit be affected with a deed in lieu of foreclosure?

The item will remain on your report for 7 years.


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.


How long does a deed in lieu of forclosure stay on your credit report?

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.


Is a deed in lieu of foreclosure better than a foreclosure on your credit report?

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. |}


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


Is it still considered repossession if you willing give the bank the keys to your property before it goes into foreclosure?

Yes, a voluntary foreclosure (deed in lieu of such) is a foreclosure just as a voluntary repossession of a vehicle is a repossession. All the same penalties/fees, recovery of debt laws apply and the information entered on the debtor's credit report will be as a foreclosure regardless of the circumstances involved.


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.


Can your Contract For Deed payments be added to your credit report?

99999


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.


If your house was included in your bankruptcy can they also mark a foreclosure on your credit it you let the house go?

Yes, unless you bargain for a deed in lieu of foreclosure, Basic- if bank forcloses, its on your record.

Trending Questions
Does the new credit card law effect companies that extend credit? What is largest amount you can deposit on a check through at an ATM? What are Federal Matching Funds? Why can't I sign into my TurboTax account? Where can one get information on National City Bank personal loans? How much money does Versace generate each year? Is it true when consumers build up a lot of debt they may choose to apply for a bill consolidation loan that they can use to pay off their other bills? Are American women treated differently in china? What is considered old debt? How can I find a 1995 historical stock price for Chase Manhattan Corp symbol CMB now part of JPMorgan Chase symbol JPM so sites Like Yahoo Finance won't give me historical data under the old symbol? If you really like this boy but he never calls he never has money on his phone and is always busy and you always have to call becauz you want to talk to him what should you do? How you would describe a busy day at work? What is the full from demat account? Does the person who is named Beneficiary on a Life Insurance Policy have to split the money if they are sole beneficiary on the Life Insurance Policy however in the Will states that assets be divided? What is thee 401k max contribution 2010? What is base of preference? How much does a liquor license cost in the state of Michigan? Are reverse mortagages a way of losing your home? What are some examples of long term investments that can provide financial stability and growth over an extended period of time? How do you set time on Canon Laser Class 730i FAX?