Can a deed in lieu of foreclosure be shown as foreclosed on a credit report? It was on a time share.?

Question:

I signed a deed in lieu of disclosure on a time share that I had. It's showing as repossessed/foreclosed on a credit report, and it's affecting my ability to get a mortgage on a new home. Is there anything I can do?

Yes I had that happen to me. When I applied for credit for another home, I had to write a letter of explaination & contact the credit reporting agencies to resolve it & satisfy the new creditor.

Unfortunately you had financial responsibility the the time share was in your name and under your SSN, so it's reporting correctly. If you need a new loan, try to find a lender who does "manual underwriting". Instead of a computer approving or declining you, a person actually analyzes your credit and you can write "a statement of derog" which explains the situation.

Get a letter of explanation from the lender who issued the deed in lieu of foreclosure. You will need to send that to the credit reporting agencies, and hopefully, they will take it off your report. Be careful...the agencies are notorious for taking their time on these types of matters.

Hope this helps...

Check out TaxSaleWealth
http://www.taxsalewealth.com

Can a deed in lieu of foreclosure be shown as foreclosed on a credit report? It was on a time share.?

Hot Topic