Posted on: 01st Jul, 2011 05:40 am
How long before you should feel comfortable that a deed in lieu will not be reported to your credit report (it has been 4 months). My credit report does not reflect any foreclosure and shows no balance for this loan. Would I be eligible for a home loan? Also, how do I answer when asked about former home during the loan process if it is not showing up on report. Would it be fraud only to answer that it was sold?
Yes, you would need to disclose all fats, otherwise you have committed perjury. I dont understand why it has not recorded on your credit yet. Is there a charge off on balance, and is the late payments showing? Either way a lender will pull records of all the places you live and run a MERS report to see any and all property you are associated with. So lying to the bank will only get you so far, before an Underwriter find out the truth. Good luck