Posted on: 22nd Aug, 2010 08:02 am
We are in the process of going through a deed in lieu. The bank has called us and told us that they have approved the deed in lieu but we have not gotten the paperwork yet. Can we still qualify and get another mortgage on a smaller laon?
hi tyndalllove,
as the property is till not sold off through a deed in lieu of foreclosure, your credit is not affected yet. so, you may be able to qualify for a new loan. however, when the new lender will do a credit check, he will come to know about your present loan and it's delinquency status. in that case, your new loan might get rejected.
as the property is till not sold off through a deed in lieu of foreclosure, your credit is not affected yet. so, you may be able to qualify for a new loan. however, when the new lender will do a credit check, he will come to know about your present loan and it's delinquency status. in that case, your new loan might get rejected.