I am not late how can my credit be effected with a deed in lieu?

Question

I had read that the biggest hit to ones credit with a deed in lieu or short sale is during the late/non-payment period. I am current on all my payments so will that help me in the long run if one of those 2 is approved by my lender?

Answer 1

Yes, your credit will go down by 100-200 points, every time you late on a mortgage, your credit will go down allot, so before bank will do deed in lieu, you probably late on a mortgage for a few month already. We all was working so hard to keep our credit score in a high numbers, but today people loosing there score, there houses, credit...... Just want to say, do the best you can, you are not only one there. Good Luck!