07-01-2013 02:45 PM
After 23 years of a near perfect credit score, I lost my job and could no longer afford my home or my life as it was, so I did a deed in lieu in Feb 2013...
I am still trying to find a job and of course the DIL is coming up in the background checks by employers so I am trying to be proactive...I am also currently living with family and am worried about trying to get a apartment etc when I have to relocate for a job.
My credit report shows my the current status of my mortage as "120+ days past due" the only note of the DIL is in the descprtion which says "forfeit of deed in lieu of foreclosure". there is nothing in collections since the bank agreeded not to come after me. As part of the DIL agreement I also made up my deliquent payments, should this be in the report? Should I dispute it if it is not??
1) what does "forfeit of deed in lieu of foreclosure" mean?
2) shouldn't my report be saying something other than 120+ days past due? When it changes what will it say?
3) Right now my credit score is 710 - it was in the 800s when this process started - will this score go down more? (I am staying current on everything else so my only ding is the mortage)
4) Looking at my report, it looks like things will get better once my score is 760. If I keep paying my bills etc on time how long will it take for me to move from 710 to 760?
Any other comments, advice or how things went for you would be greatly appreciated.
myFICO is the consumer division of FICO. Since its introduction 20 years ago, the FICO® Score has become a global standard for measuring credit risk in the banking, mortgage, credit card, auto and retail industries. 90 of the top 100 largest U.S. financial institutions use the FICO Score to make consumer credit decisions.>> About myFICO