Posted on: 13th Feb, 2009 10:08 am
dil of foreclosure vs a shortsale, which has the least negative impact on credit score
DIL is equallent to forclosure = 250 points - 2-3 yrs.
Short sale = 75-100 points - would be able to buy in 1 yr.
Short sale = 75-100 points - would be able to buy in 1 yr.
Hi hiring!
Welcome to forums!
I agree with kingno1 here. A deed in lieu lowers your credit score by 250 points and also remains in your credit report for around 4 years. Whereas in short sale, the credit score is dropped by around 75-100 points. Thus, if a person wants to save his/her credit score, then short sale is a better option.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
I agree with kingno1 here. A deed in lieu lowers your credit score by 250 points and also remains in your credit report for around 4 years. Whereas in short sale, the credit score is dropped by around 75-100 points. Thus, if a person wants to save his/her credit score, then short sale is a better option.
Feel free to ask if you have further queries.
Sussane