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Does a Deed in lieu of foreclosure affect credit the same as a foreclosure?

In: Debt and Bankruptcy, Mortgages, Credit Reports, Debt Collection, Foreclosure [Edit categories]

Answer:

Deed in lieu of foreclosure is not nearly as devastating to your credit as is a full foreclosure.
Below is an article about the pros and cons of deed in lieu.

First answer by Mollysmithee. Last edit by Mollysmithee. Contributor trust: 3 [recommend contributor ]. Question popularity: 9 [recommend question].

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Deed in Lie of Foreclosure-Pros and Cons

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Relevant answers:

How bad would a deed in lieu of foreclosure affect your credit?
From what im told it is not quite as bad as a full forclosure. It will take about 2 years to recover from. I do not no this for sure but if you find a better answer please let me know I am in the...
How will a Deed in lieu of foreclosure effect your credit?
If the bank is about to foreclose on your property, you may be able to make a deal with them. Instead, of have them having to hire a lawyer and pay him several hundred dollars an hour and go to court...
Does Foreclosure affect credit score?
If you have to ask this question i can see why your home was forclosed, Of course it does, If you buy a brand new car and dont pay for ot and it gets repo'd dosent that effect your credit? Yes. Ok...
How can foreclosure on my credit report affect me?
A foreclosure will affect your credit and credit score by decreasing your score, and potentially lowering your overall credit scoring method. If you have a trust deed and the vast majority of home...
What is deed-in-lieu of foreclosure?
When a mortgage is delinquent and loss of the home is inevitable, a borrower may negotiate with the bank to return the home. They hand over the "deed" instead of the bank paying a trustee or attorney...