Posted on: 13th Feb, 2010 08:41 pm
I'm behind 4 months on a rental property, i cant get a loan modification, the property is vacant, it was deeded over to me 5 yrs ago, have been thinking about deeding the property to the mortg co, that's my last option from them, what effect will that have on my credit report,? and what happends to the balance on the first and second mortg ? any other advice?
Hi kthhgn,
Are you planning to request your lender for a deed in lieu of foreclosure? If you go for it, then it would have a negative affect on your credit report. Your credit score would go down by 250 points. You won't be liable for the deficient amount resulting from the first mortgage. But you'll have to pay off the dues of your second lender.
Thanks
Are you planning to request your lender for a deed in lieu of foreclosure? If you go for it, then it would have a negative affect on your credit report. Your credit score would go down by 250 points. You won't be liable for the deficient amount resulting from the first mortgage. But you'll have to pay off the dues of your second lender.
Thanks