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How much does a foreclosure lower your credit score?

How many points has foreclosure taken off your credit score. Deed in lieu?

  • I hear a lot about how these hurt credit, and how they stay on a credit report for seven years. Given the Michigan economy, it's something I'll be facing should I take a job elsewhere. Thanks for your specific answers.

  • Answer:

    A lot depends on what your current score is. If your credit is near perfect and your score is over 720 then you could easily take a 200 point hit to 520 or below. If you already have credit problems and your score is bad anyway then an additional negative item will have less impact. For instance if you have some current late payments and your score is at 580 then the impact of another negative item might only be 75 points. Good luck.

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Deed in lieu says you were going to be foreclosed on but decided giving the property back was better. It reflects marginally better on your credit. Probably better for your pocket as you may avoid some charges that you would have been stuck for in foreclosure.

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