Deed In Lieu Of Foreclosure Credit

I like many people have a house I can not afford. I think to do an act in place of foreclosure, instead of an actual seizure. How does this effect my credit?

The act itself as a replacement does not affect your credit, it is the delay in payment before the transaction, which killed scores of credit.

In addition, mortgage lenders look at a document to the place equal to a foreclosure.

Also known as a "friend" of foreclosure is a good way to keep the cleanliness of your credit report. Instead of literally means instead of. Just sign the property to the mortgagee (lender).

Mostly negative, in that, even if you are deeding property to the bank in exchange for them not to exclude the property, the property is not worth as much as the mortgage.

It does affect them as negatively as a foreclosure or bankruptcy will be .... However, you are sure the bank to accept a deed in lieu of foreclosure?

Here are some articles / blogs on DIL:

http://activerain.com/blogsview/98546/De ...

http://www.mortgagestress.com/content/de ...

http://realtytimes.com/newsfiles/guide.n ...

http://www.advantagemitigation.com/Deed_ ...

I am in the field of mortgage and I saw this on credit, it will display the foreclosure proceedings began, it is also a question on all applications for credit, or that I often take the question is, you have over the past seven years had given a deed in lieu of foreclosure, it affects so many of your credit.

I am a mortgage over 20 years experience and can tell you for a fact that an act taking place impacts your credit history much as a foreclosure. Your credit rating will spend much of the effect.

As for a new mortgage by my insurer Fannie Mae, if all other funds is kept in excellent condition and your loan officer can get an automatic approval system of Fannie Mae's automated underwriting you may qualify for two years later, otherwise it can go up to 4 years before you would qualify for a loan from Fannie Mae.

FHA is a little more lenient and will consider a loan after 2 years, but is not guaranteed.

It should not, you're happy with the debt agreement, you pay property cons species.