Deed in Lieu on Performing Loan - Loan Modification Forum

thegoat · 08-12-2009, 07:08 PM

If bank agrees to take back investment condo and the loan is up to date reporting it as Paid as Agreed..........is that still "negative" reporting as a pre-foreclosure or does it just appear as a paid as agreed mortgage?

Moe Bedard · 08-12-2009, 07:59 PM

When you go for deed in lieu of foreclosure, it does affect your credit score. iT MAY DROP BY 150-250 points or so. The negative impact reduces with time. At the end of the 7th year, you can request the bureaus to remove it from the report.

08-12-2009, 07:08 PM	#1 (permalink)
thegoat Member Join Date: May 2008 Posts: 14 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Deed in Lieu on Performing Loan If bank agrees to take back investment condo and the loan is up to date reporting it as Paid as Agreed..........is that still "negative" reporting as a pre-foreclosure or does it just appear as a paid as agreed mortgage?
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08-12-2009, 07:59 PM	#2 (permalink)
Moe Bedard Founder Join Date: Aug 2007 Location: Southern California Posts: 16,887 Nominated 0 Times in 0 Posts TOTW/F/M Award(s): 0	Re: Deed in Lieu on Performing Loan When you go for deed in lieu of foreclosure, it does affect your credit score. iT MAY DROP BY 150-250 points or so. The negative impact reduces with time. At the end of the 7th year, you can request the bureaus to remove it from the report. __________________ Moe Bedard Founder LoanSafe.org "America's #1 Home Loan Forum" LoanWorkout.org "America's # Loan Modification Blog" Get My FREE Loan Modification E-Book \| Please donate to LoanSafe.org \| Loan Modification Training For Attorneys \| Rate Your Mortgage Servicer The comments by me and the materials available at this web site are for informational purposes only and not for the purpose of providing legal advice. Most of the information you find here is easily available on the internet. You should contact your attorney to obtain advice with respect to any particular issue or problem. The opinions expressed at or through this site are the opinions of the individual author and may not reflect the opinions of the firm or any individual attorney. Please Read our Privacy Policy and Legal Disclaimer Here.
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