Posted on: 01st Aug, 2009 04:48 pm
I live in Florida my home is worth less than I owe, I consulted with a lawyer about DIL. I plan to do DIL and buy a cheaper house, will it be difficult to get a mortgage loan? Should I purchase the other propert first then do theDIL.
Hi cadillon111,
Welcome to MortgageFit Forums.
A deed in lieu will badly affect your credit score and will lower it by 250 points
Welcome to MortgageFit Forums.
A deed in lieu will badly affect your credit score and will lower it by 250 points
Hey cadillon,
You won't be able to get a mortgage immediately after you go for a deed in lieu of foreclosure. You'll have to wait for 3-4 years in order to get a loan after a deed in lieu. You can try to purchase a property first but as you already have a mortgage and facing difficulty in paying it off, I don't think lenders would be ready to give you another loan.
You won't be able to get a mortgage immediately after you go for a deed in lieu of foreclosure. You'll have to wait for 3-4 years in order to get a loan after a deed in lieu. You can try to purchase a property first but as you already have a mortgage and facing difficulty in paying it off, I don't think lenders would be ready to give you another loan.