Posted on: 27th Jun, 2008 11:20 am
My wife and I have recently run into a tough time with our mortgage and are considering a deed in lieu. We are both on the deed, but the mtg is in her name alone. If we were to buy another house in the future, I would most likely be the sole borrower. I know the deed in lieu would effect her credit score, but would it also prevent us from getting a loan in my name alone in the future as a result of me being on the deed? thanks
This was posted in two places but I will answer here as well.
Yes it can impact you. The application asks you if you have ahad a BK, Foreclosure or Deed in Lieu with in the last 7 years you would be comitting fraud if you answered no if you answer yes it will take three years as of now before FHA will allow you to borrow
Brian
Yes it can impact you. The application asks you if you have ahad a BK, Foreclosure or Deed in Lieu with in the last 7 years you would be comitting fraud if you answered no if you answer yes it will take three years as of now before FHA will allow you to borrow
Brian
Hello tyler.
I have answered your question at http://www.mortgagefit.com/deedinlieu/effects-title.html
Let me know if you have any more queries.
I have answered your question at http://www.mortgagefit.com/deedinlieu/effects-title.html
Let me know if you have any more queries.
Well putting all other considerations aside a short sale is the better option. Short sale does not affect your credit as bad a DIL. However, are you upside down in you current home?
Side note: are you aware that there are other options that allow you to keep your home other than a DIL or short sale?
Side note: are you aware that there are other options that allow you to keep your home other than a DIL or short sale?
