Deed in lieu of foreclosure buy another house
Can you buy another house if you do a deed in lieu of foreclosure?
Let's look at the problem. A deed in iieu of foreclosure looks a lot like a foreclosure. Really no difference. Unless you can get the mortgage company to report it differently to the credit bureau.
If you do a deed in lieu of foreclosure, you grant deed the property to the lender and they stop foreclosure.
You can negotiate how the lender reports the deed in lieu to the credit bureau. The worst is a foreclosure. What you want is unrated, or R0. That is the best. Second best is paid-settlement. Still shows the account as paid. This will not ding your credit too bad. But unrated is best.
You can buy another house today without qualifying for a new loan. So you can be a homeowner even if you've done a deed in lieu or had a foreclosure. It isn't too hard to find a house today with a motivated seller who will let you buy their house subject to their existing loan. Then you don't have to get a new loan. Your name isn't on the loan but that doesn't matter. You are the owner of the house. You get the tax deduction and advantages of home ownership.
A deed in lieu and buying a new house — they are possibilities for you.
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