How a deed in lieu of foreclosure should be reported on your credit.

[Anonymous]

I had a deed in lieu of foreclosure go through on my mortgage November 2013. It is still reported as an open account with the ending balance but they quit reporting late payments. Is this how it should be reported? If so, at what point is the account closed? 

[ShanetheMortgageMan]

The ones I've seen in the past have $0 balances, and often end with a MOP (manner of payment) of 8 or 9.

I'd recommend you call the lender and explain the issue, it's possible they just forgot to $0 out the account.

[madmann26]

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@ShanetheMortgageMan wrote:

The ones I've seen in the past have $0 balances, and often end with a MOP (manner of payment) of 8 or 9.

I'd recommend you call the lender and explain the issue, it's possible they just forgot to $0 out the account.

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When GMAC reported ours, it was reported as a foreclosure with $0.

(it's currently gone from 2 CR's.....EQ is being douchy atm)