I work with a company that helps rebuild my client's credit after they go thru this process. You or your clients can call this company directly. They were highly recommended to me by my mortgage guy because they are prompt and VERY reasonable on price. You can also ask them these direct questions.
REVOLUTION CREDIT SOLUTIONS: Mike Scornavacco or Richard Vecchiollo 1-888-852-0005. I also have their cell numbers if you need them. Call me if you need.
All three of these items will damage your credit rating in two ways. The first is the score itself, you will loose 80 points. The point loss will be a result of the three missed payments leading up to the ss, foreclosure, deed in lieu.
The second way that these 'hits' will effect your credit is that the 'negative' item will be listed on your credit report. Foreclosure, Deed in Lieu. S.S.
Through credit restoration services you may be able to get the 'hit' removed off your credit report entirely, especially in your state if your property was in a Land Trust, it's easier to remove the credit hit, however this is not a guarantee.
Next, Deed in Lieu are very difficult to come by especially of the property is in a Land Trust, or there are two lenders on the property, or if there is PMI on the loan.
In the future, a new creditor will look at a short sale as a 'responsible' want to get out of a debt that you couldn't service. This is a much better strategy for you if you are considering getting out of this current property but have plans to get back into homeownership some day.
Also, if you have some type of 'medical' condition then the future lender may allow a new mortgage after 24 months. However 36 months after a short sale, foreclosure or deed in lieu you can qualify for a mortgage that Fannie or Freddie backs. You can confirm this on their websites.
The "negative" item can remain on your credit report for 7 years, if I cannot remove the 'negative' item. However you can get financing for cars or homes after 36 months.
For more information you can read my blog here on Trulia. I also teach foreclosure prevention workshops. You can also read about credit strategies in the June issue of INC Magazine, I will be featured. Good Luck and let me know if I can assist you with credit restoration!
Died in lieu--200=300 pts off crdit score 4-7 yrs before yo can purchase again
short sale--200-300 pts off credit score==2 yrs before you can purchase again