Posted on: 26th Nov, 2010 09:00 am
I am currently upside down on my mortagage and not far from foreclosure. My mortgage company offered me a deed-in-lieu option. I am however, unsure about the consequencies that I might face in the future, when I decide to purchase another home.
Can you advise?
Thanks in advance.
Marcia
Can you advise?
Thanks in advance.
Marcia
hi marcia,
a deed in lieu of foreclosure will reduce your credit scores by 250 points but you won't be liable for paying the deficient balance resulting from the property sale. after a deed in lieu of foreclosure, you won't be able to get a mortgage for the next 3-4 years.
a deed in lieu of foreclosure will reduce your credit scores by 250 points but you won't be liable for paying the deficient balance resulting from the property sale. after a deed in lieu of foreclosure, you won't be able to get a mortgage for the next 3-4 years.