[sean92128]

I've asked a few professionals in my area, with varying opinions.. Does anyone know the impact on credit, for eventually getting a mortgage, for getting a car loan and for credit cards, between a foreclosure, a deed in lieu of foreclosure and a short sale. Specifically is having a deed in lieu closer to a foreclosure or a short sale. Thanks in advance.

Sean

[Loan_Guy]

Sean,

To answer your question specifically, a deed-in-lieu is a foreclosure, you just didn't make them go through the legal channels to get the home away from you. It's just as tough on your score.

That said, since it costs about $30k on average to foreclose on someone, you may be able to negotiate with them. Sort of a "I'll give you the house, you don't report it as a foreclosure".

I would probably speak with a real estate attorney in your particular state to get a better idea of how to do that.

Best of Luck!