Posted on: 02nd Jul, 2009 06:59 am
I am contemplating a Deed in Lieu for a rental property that I own. What would be the affects on my credit rating and when would my credit score recoop from this incident. I am 69 and am on unemployment at this point. I will be living on social security after unemployment and plan to get a part time job if I am physically able. My credit score will keep me out of a senior community if it is not good enough. I am concerned about this.
Hi sreidinger,
A deed in lieu will lower your credit score by 250 points. This will also remain on your credit report for next 7 years like any other negative item. Moreover, you won't be able to take a mortgage in the next 3-4 years. You will be able to improve your credit score but it would take some time. You can check out some of the simple ways to improve your credit score from the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
A deed in lieu will lower your credit score by 250 points. This will also remain on your credit report for next 7 years like any other negative item. Moreover, you won't be able to take a mortgage in the next 3-4 years. You will be able to improve your credit score but it would take some time. You can check out some of the simple ways to improve your credit score from the given page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks