Posted on: 17th Jun, 2010 11:16 am
if a family selecta a deed in lieu what show up on their credit report.
hi tarchie!
welcome to forums!
if a family goes for a deed in lieu of foreclosure, the same will be reported by the lender to the credit bureaus. thus, the credit report of the person who has taken out the mortgage will show a deed in lieu of foreclosure mentioned on it. it is a negative item and will remain on his or her credit report for the next 7 years. it will also lower the person's credit score by 250 points.
feel free to ask if you've further queries.
sussane
welcome to forums!
if a family goes for a deed in lieu of foreclosure, the same will be reported by the lender to the credit bureaus. thus, the credit report of the person who has taken out the mortgage will show a deed in lieu of foreclosure mentioned on it. it is a negative item and will remain on his or her credit report for the next 7 years. it will also lower the person's credit score by 250 points.
feel free to ask if you've further queries.
sussane