Deed in Lieu going through
10-04-2012 10:19 AM
So I've been working very hard at rebuilding my credit even though I'm going through a foreclosure on my home (due to divorce). I just spoke with one of the attorneys for the bank the other day, and they are going to be able to process a Deed in Lieu of Foreclosure by the end of the year. What does this mean for my credit score? I mean I know it's going to hit it hard (just like the late payments for the mortgage have been for over a year now). I have raised my score over 100points since June, so I'm just curious. I have two more collection accounts on Experian - one of which I have arranged a PFD for. I have two showing on TransUnion - one of which I have arranged a PFD for. Equifax shows none. My plan for now had been to garden and wait for my score to improve so I could apply for a refi for my car loan - but I'm wondering should I be trying to get that through before the Deed in Lieu hits my credit?
Starting Score: 539 EQ 06/19/2012
Current Score: 615 EQ 08/13/2012, 563 EX 07/27/2012
Goal Score: 700
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Re: Deed in Lieu going through
10-04-2012 10:42 AM
I think it is scored on par as the foreclosure, though I bet it'll look a little bit better with that comment in the eyes of lenders.