Jeanni Posted February 22, 2007 Report Share Posted February 22, 2007 Has anyone had experience with surrendering a deed to the mortgage company, Deed in Lieu of Foreclosure? I'm trying to find out how it affects a credit score. I have 751 fico and am not behind, no negatives, etc. But I need a quick way out and I can't think of anything else to do! Mortgage company told me they would take back the deed and it would show as surrendered deed. I also asked them about a possible short sale, but that won't get me out of the situation as quickly. I'm wondering how each affects the credit report, my ability to obtain mortgages in the future, etc. Thanks, Jeanni Link to comment Share on other sites More sharing options...
sr28b Posted February 22, 2007 Report Share Posted February 22, 2007 Deed in Lieu will be viewed the same as a foreclosure in the eyes of a mortgage U/W. I am only guessing here, but my suspicion is that FICO might view it a little more favorably than a foreclosure - probably not much though.If the bank will accept your deed in lieu then you might escape a deficiency judgment.What about selling it to someone on a lease purchase with $5k or something like that down?Try to avoid the foreclosure at all costs. Link to comment Share on other sites More sharing options...
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