If I was to do a Deed in Lieu of Foreclosure will this go on my credit report as a foreclosure? I live in Utah, but my home i...
Full Question:
If I was to do a Deed in Lieu of Foreclosure will this go on my credit report as a foreclosure? I live in Utah, but my home is in Alabama.
11/16/2007 |
Category: Debts and Credit |
State: Utah |
#12412
Answer:
Although a deed in lieu of foreclosure is a negative item on your credit report, it is slightly less harmful than an actual foreclosure. Both will stay on your credit report for seven years. You usually must wait about three to four years before buying another home at competitive interest rates.