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Brett's Mortgage Blog

Buying A House After A Deed In Lieu…

Good Morning!

I get asked about “Deed In Lieu” sometimes.

A Deed In Lieu is where you beat the mortgage company to the punch… …and give the mortgage company back the house before they have a chance to foreclose.

 

People ask me how a Deed In Lieu would affect their credit.

I tell them that it would be treated the same way a full foreclosure would – from a mortgage perspective anyway.

…in fact, if you have a “Deed In Lieu” show up in the mortgage history on your credit report – it might as well say “Foreclosure”.

You will have to wait a period of time before you would be eligible for a new mortgage.

…here’s what you’re looking at for seasoning on a foreclosure:

Fannie Mae/Freddie Mac: 7 years.  (Sometimes you can get automated approval after 4 years)

VA: 4 years.

FHA: 3 years.

That’s it for today!

I hope you have a great day! Thanks for reading!

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Brett Sampson

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