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A deed-in-lieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process. A deed-in-lieu of foreclosure may help you avoid being personally liable for any amount remaining on the mortgage.
Your credit will still take a hit: While a deed in lieu arrangement wont harm your credit as drastically as a foreclosure, you can still expect your score to drop. You also wont be able to easily get another mortgage if you have a deed in lieu on your credit report.
Generally, short sales and deeds in lieu have a similar effect on a persons credit scores.
Disadvantages to Lender A lender should also hesitate before accepting a lieu deed where there are outstanding subordinate liens or judgments against the property. In such a situation, the lender will have to foreclose its mortgage, with the attendant expense and time involved to obtain clear title.
Theres less negative impact on your credit score. With a deed in lieu of foreclosure, the drop might be anywhere from 50 to 125 points or higher. With a foreclosure, the drop is anywhere from 85 to more than 160 points, which means that it could take docHub time to rebuild your credit.
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Generally, short sales and deeds in lieu have a similar effect on a persons credit scores.
In the end, short sales are almost always damaging to your credit, but they do less harm than foreclosures or bankruptcies. A short sale might block you from a mortgage on a new home for two years or so, but a foreclosure or bankruptcy could keep you out of the market for as long as seven to 10 years.
A deed in lieu of foreclosure can release you from your mortgage responsibilities and allow you to avoid a foreclosure on your credit report. When you hand over the deed, the lender releases their lien on the property. This allows the lender to recoup some of the losses without forcing you into foreclosure.
Generally, short sales and deeds in lieu have a similar effect on a persons credit scores.
A deed in lieu of foreclosure is different from a short sale because it transfers the property to the lender instead of selling it to a new buyer.

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