[WSBARP] Deed in Lieu Q

[Kary Krismer]

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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