Admin

How competitive are you at different Law Schools?

Enter your LSAT and GPA scores and find out!
GPA: out of 4.0
LSAT: out of 180
Legal Forums
Legal Forums
Welcome, Guest
Please Login or Register.    Lost Password?
deed in lieu - affect credit report? (1 viewing) (1) Guest
Go to bottom Post Reply Favoured: 0
TOPIC: deed in lieu - affect credit report?
#7395
Brian (User)
Expert Boarder
Posts: 141
graphgraph
User Offline
deed in lieu - affect credit report? 7 Years, 4 Months ago Karma: 1  
If you are listed as the debtor on the mortgage (i.e. the mortgagor) but not on the promissory note and if you forfeit the house based on a deed in lieu of foreclosure, will that deed in lieu of foreclosure negatively affect your credit?
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#7461
great1 (User)
Senior Boarder
Posts: 78
graphgraph
User Offline
Re:deed in lieu - affect credit report? 7 Years, 4 Months ago Karma: 0  
A deed in lieu will affect your credit, but not because of the actual deed in lieu, but rather from the fact that you missed or had a delinquent mortgage payment which brought your to the deed in lieu status.

Short sales will not affect your credit as much as a deed in lieu will
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
#7471
GelRon (User)
Senior Boarder
Posts: 71
graphgraph
User Offline
Re:deed in lieu - affect credit report? 7 Years, 3 Months ago Karma: 0  
A deed in lieu occurs because payments were missed. So, unless the mortgage company didnt report the missing payments, a deed in lieu will ALWAYS impact your credit negatively.

I do agree that a short sale (on a primary residence) is the best route for getting rid of a house that is acting like an anchor.
 
Report to moderator   Logged Logged  
  The administrator has disabled public write access.
Go to top Post Reply
Powered by FireBoardget the latest posts directly to your desktop

LegalNut Resources

Attorney jobs listings and sites with attorney salary information, attorney job search functions, and salaries by law firm.

Law school rankings show how competitive your lsat scores would be at top law schools in the US.

Law school admissions advice is available both at the LSAT forum and throughout the pre-law section, including LSAT prep options, law school personal statement help, LSAT score distributions and law school bar exam pass rates.

Copyright 2006 - 2018 Rochester Ideas, LLC. All rights reserved.