Most lenders [or servicer] require that a homeowner attempt to sell the property for at least 90 days before considering a deed in lieu of foreclosure.
Deed in Lieu of Foreclosures have many advantages and disadvantages. They are complex and require careful planning. In an agreement with your lender [or servicer] a deed in lieu may have different language that they will report to the credit bureau. typically, lenders [and servicer] report "Settled for less than the full amount owed' other times, "deed transferred in lieu of foreclosure." Negotiation of credit language can help, but most lenders [and servicer] are unable to change the language in their agreements.
To learn more about your options, and to create customized plan to avoid foreclosure tailored to your individual situation, Delmarva Home Relief may be able to help. Delmarva Home Relief is a Regulated Mortgage Assistance Relief Service Provider located in Salisbury, Maryland.
Our team cuts through the red tape by explaining all of the alternatives to foreclosure from Loan Modifications, Short Sales, Deed in Lieu of Foreclosures, Foreclosure Mediation and assisting Maryland homeownerâ€™s achieve the best outcome for their family.
Letâ€™s Strategically Plan Your Foreclosure Case Today
Call (800) 598-7510, or (410) 860-8479
Together We Will Create a Tailored Plan of Options to Provide Foreclosure Recovery
Our Team of Consultants are professionals that are experienced and understand the obstacles of default and that foreclosure can be overwhelming emotionally and physically. We pride ourselves on our ability to create outstanding customer services by assisting Maryland homeownerâ€™s one-on-one through the entire request for a Loan Modification, Short Sale, Deed in Lieu of Foreclosure, Foreclosure Mediation, and other available options that may be able to help homeowners avoid foreclosure and provide a second chance for home relief.
Best of Luck;
CEO & SR Credit Repair Specialist at
Everlasting Credit Repair
Ex-Mortgage Broker of 10+ years
We also have DIY Packages available.
Deed in Lieu is really a foreclosure, just a more "responsible" kind - when the owner saves money to the lender by not putting the lender through foreclosure law suite expenses (DIL can be done only if the seller is qualified).
Foreclosure causes the most damage to the credit history - and every time you have to apply for a credit/mortgage you'll have to disclose that you had a foreclosure (or it is fraud). Also, most jobs requiring clearance won't accept people with foreclosure on their record.
Hope this helps,
Beachfront Realty, Inc.
Beware of anyone offering to "repair" your credit! The Federal Trade Commission issued a stern warning last year that such offers are scams. Find more from the FTC HERE. http://www.ftc.gov/bcp/edu/pubs/consumer/credit/cre13.shtm
The best way to buy a home is to have a decent credit history combined with sufficient Income and Assets for a home purchase.
The best way to have a decent credit history is to settle negative outstanding obligations and pay all your bills on time for at least two years.
a) Try working with lender
b) If push it then short sale property
c) Deed in lieu of foreclosure or short sale
You need obtain all in writing.
I have been a listing / buyers agent for short sale. Happy work with you
If you are to move from current residence YOU need to do so prior impacting your credit report, we work with many potential tenants MOMENT any of these hit your credit report you will need to pay double, triple deposits, potential rejection of your application.
Contact my office discuss pro's and con's where I can fact find more
National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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I am working on 5 of them right now and they are tough on the sellers and the process is lenghty but worth saving your credit.
I hope that was helpful to you!
Your Real Estate Resource,
Nicole Arenas, Realtor
William Davis Realty
It actually makes no difference. Once the foreclosure process starts (ie:you get a letter in the mail from the lender that says they are starting foreclosure) it gets listed on your credit report as "foreclosure process started". Once this happens almost every lender considers this a foreclosure even if you end up selling the home before the bank actually takes it. This is a very common misconception for many people in your situation. I hope this helps.
Have you tried working with the lender to stay in the home? Maybe even renting it until you can sell it could be an option?