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Short Sale or Deed in Lieu vs foreclosure


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3 replies to this topic

#1 jmw1212

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Posted 07 February 2012 - 03:07 PM

I was wondering if you do a deed in lieu or short sale do you still have to wait two years to apply for a mortgage?
Also which one is better for your credit score. Obviously none are good, but I know foreclosure is the worst.
thanks.



#2 jmw1212

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Posted 09 February 2012 - 07:16 PM

Bump, does anyone know?

#3 doodlebugger

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Posted 09 February 2012 - 09:53 PM

Bump, does anyone know?



Our local USDA office said at one time they would consider providing a loan for us if we had a short sale or deed-in-lieu, but not if we had a foreclosure (we would have to wait the 2-3 year waiting period). Dh is going over to talk to someone next week at our local office to see if that still rings true. We were called again by PNC to ask us to consider these two options. We are leaning towards the deed-in-lieu. The rep I spoke with said we would have to try to sell the house over three months, and if it didn't sell, we could sign over the house. We figure this will give us a few more months to hopefully find another house because rentals are so hard to find here.

I know for sure the foreclosure will cause you to wait the full waiting period, but I think it's a case-by-case basis for the other two options. The best thing to do is contact a bank and ask them.

#4 jmw1212

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Posted 10 February 2012 - 03:50 PM

Thanks and good luck...what ever happened with your complaint to the occ, did someone contact you yet?


Bump, does anyone know?



Our local USDA office said at one time they would consider providing a loan for us if we had a short sale or deed-in-lieu, but not if we had a foreclosure (we would have to wait the 2-3 year waiting period). Dh is going over to talk to someone next week at our local office to see if that still rings true. We were called again by PNC to ask us to consider these two options. We are leaning towards the deed-in-lieu. The rep I spoke with said we would have to try to sell the house over three months, and if it didn't sell, we could sign over the house. We figure this will give us a few more months to hopefully find another house because rentals are so hard to find here.

I know for sure the foreclosure will cause you to wait the full waiting period, but I think it's a case-by-case basis for the other two options. The best thing to do is contact a bank and ask them.






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