Short Sale or Deed in Lieu of Foreclosure, Foreclosure Help #2

By
Real Estate Broker/Owner with Get You Moved Realty
  Would anyone like to post some feedback about this situation, A few of my past clients that have done a deed in lieu of foreclosure still have it on their credit report, While the ones that choose to sell the house through short sale process have only the late payments on their credit report.  Please e-mail or call with questions concerning a foreclosure.  
Posted by

Michael & Tammy Nehmzow Broker/Owners of Get You Moved Realty 

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Mike Nehmzow RDC PRO

Comments (1)

Julie Ferenzi
john greene Realtor - Plainfield, IL
Julie Ferenzi

A short sale will usually show up as "settled for less" on a credit report after it has been reported as such.  "Settled for less" is usually no "worse" than being reported as being 90 days late.  

I am not too sure, but perhaps it is possible that because a "deed in lieu of foreclosure" still leaves the bank with the problem of liquifying the debt, (selling the property and incurring further costs)...  it is showing up a such on the credit report? 

After the completion of a short sale the bank has the money in their hands, and it's a done deal

This is purely specultaion, but perhaps that is the weight of the different terms... that has a relation to credit liability?

Mar 08, 2007 03:50 PM