Deed In Lieu

I had to do an act in place last year on my house. Does this mean my chances of never getting a new mortgage is non-existenta With housing prices being so low, I could easily afford a house today, but I was told that because of my act in place, I should forget.

Big down payment, good job, solid credit history now, everything is possible

Finally, you may be able to get a mortgage, but not soon

This is not the end of the world. Most lenders will want more than 24 months have elapsed since your deed in lieu of foreclosure.

You could call a few lenders in your phone book and see if they have a few investors who might consider the idea of 12 months since you had your act instead. Anything is possible. You may need to write a letter of explanation on why you chose to give your home a deed in lieu.

f there are mortgage programs available it may be necessary to come with a steep down payment and interest rates could be a tad more than those with excellent credit scores.

I hope this was of some use to you, good luck.

"FIGHT ON: