Posted on: 02nd Jul, 2009 12:30 pm
I am wondering what the repercussions would be on my credit and how long it would take to recover if I did a Deed in Lieu.
I am 69 and am on unemployment and it will end soon. I will not be able to get a full time job and will have to live on my Social Security. My future intent would be to move to a Senior Community. Would I be able to do this and how long would it take to get my credit score back under these circumstances?
I am 69 and am on unemployment and it will end soon. I will not be able to get a full time job and will have to live on my Social Security. My future intent would be to move to a Senior Community. Would I be able to do this and how long would it take to get my credit score back under these circumstances?
sreidinger78
welcome to mortgagefit
DIL will not affect your score as badly as that could be by foreclosure.
I can't firmly tell you that it will take minimum this much time. it may vary depending on the case to case.
keep in touch...........
:arrow: :arrow: :arrow:
welcome to mortgagefit
DIL will not affect your score as badly as that could be by foreclosure.
I can't firmly tell you that it will take minimum this much time. it may vary depending on the case to case.
keep in touch...........
:arrow: :arrow: :arrow:
Hi sreidinger,
A deed in lieu foreclosure will effect your credit report badly. It will lower your credit score by 250 points. Moreover, it would remain on your credit report for the next 7 years as any other negative item. Also, you would not be able to purchase a property for the next 3-4 years.
Once the deed in lieu foreclosure is complete, you can take steps to improve your credit score. To know about the steps to improve your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks
A deed in lieu foreclosure will effect your credit report badly. It will lower your credit score by 250 points. Moreover, it would remain on your credit report for the next 7 years as any other negative item. Also, you would not be able to purchase a property for the next 3-4 years.
Once the deed in lieu foreclosure is complete, you can take steps to improve your credit score. To know about the steps to improve your credit score, check out the following page:
http://www.mortgagefit.com/credit-rating/credit-repair.html
Thanks