Full question:
If I was to do a Deed in Lieu of Foreclosure will this go on my credit report as a foreclosure? I live in Utah, but my home is in Alabama.
- Category: Debts and Credit
- Date:
- State: Utah
Answer:
A deed in lieu of foreclosure is a negative mark on your credit report, but it is less damaging than an actual foreclosure. Both will remain on your credit report for seven years. After a deed in lieu, you typically need to wait about three to four years before you can buy another home with competitive interest rates.
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