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Released: August 31, 2011
What’s worse for credit score — foreclosure, short sale, deed in lieu?
Source: Michelle Singletary, Washington Post (Free Registration)
You can’t really say that credit scores don’t matter. They do. People can just let the home go to foreclosure, and this will affect their scores for seven years. Or they can do a deed in lieu of foreclosure. With a deed in lieu, you voluntarily give your home to the lender in exchange for the cancellation of your loan. This, too, can create a negative mark on your credit history. But is there a pecking order in which the ubiquitous credit scoring system treats a short sale more favorably than a foreclosure or a deed in lieu of foreclosure?Read Full Article: What’s worse for credit score — foreclosure, short sale, deed in lieu?
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