[WSBARP] Deed in Lieu Q
Kary Krismer
Krismer at comcast.net
Thu Mar 15 14:28:44 PDT 2018
It depends on the type of loan, and can change over time. This
information is from 2017.
Fannie--4 years but may shorten a DIL to 2 years with "extenuating
circumstances." Foreclosure 7 years.
Freddie--4 years, foreclosure 7 years.
FHA--Both 3 years.
VA--Both 2 years.
Kary L. Krismer
John L. Scott/KMS Renton
206 723-2148
On 3/15/2018 10:43 AM, Patrick J. Sullivan wrote:
> Hi everyone:
>
> I have a builder client dealing with a proposed deed in lieu. I am
> concerned about the impact of accepting a deed in lieu on the client's
> ability to obtain credit in the future. I vaguely recall that lenders
> typically ask potential borrowers whether they or any entity
> controlled by them has been involved in a deed in lieu transaction.
> Obviously, this would be viewed disfavorably by future lenders. Is
> this a legitimate concern or much ado about nothing?
>
> Thanks.
>
> Regards,
> Patrick J. Sullivan
> The Sullivan Law Firm <http://sullivanlawfirm.org/>
> 701 Fifth Avenue, Suite 4600
> Seattle, Washington 98104
> P:(206) 903-0504 | F:(206) 260-2060
>
>
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