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What are the disadvantages to a deed in lieu of foreclosure?


Disadvantages to a deed in lieu of foreclosure

  • The word “foreclosure” shows up on the credit report.
  • Can be devastating to a credit score.
  • Waiting period to get a mortgage loan can be equally as long as for a foreclosure.
  • Unlikely to get a deed in lieu of foreclosure if you have second or third mortgages, home equity loans, or tax liens against your property.
  • Getting a lender to accept a deed in lieu of foreclosure is difficult these days. Many lenders want cash, not real estate -- especially if they own hundreds of other foreclosed properties..
If you have any further questions about foreclosures, please contact us.






 

 



 



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