Posted on: 12th May, 2009 11:25 am
how long does a deed in lieu of foreclosure affect my credit score?
i own a timeshare that is killing me with the maintenance fees on top of the monthly mortgage pmt i'm making. i've tried to sell and have only been scammed. i don't know what else to do
i own a timeshare that is killing me with the maintenance fees on top of the monthly mortgage pmt i'm making. i've tried to sell and have only been scammed. i don't know what else to do
Hi tbk
A deed in lieu will lower your credit score by 250 points. It will stay on your credit score for 7 years. You can contact your lender and inform him about your hardship. You can then apply for a short sale with your lender. Though a short sale will also stay on your credit report for 7 years, it will lower your credit score by 75-100 points. However, you will have to pay the deficient amount resulting from the sale of the property to the lender.
Thanks.
A deed in lieu will lower your credit score by 250 points. It will stay on your credit score for 7 years. You can contact your lender and inform him about your hardship. You can then apply for a short sale with your lender. Though a short sale will also stay on your credit report for 7 years, it will lower your credit score by 75-100 points. However, you will have to pay the deficient amount resulting from the sale of the property to the lender.
Thanks.