What’s worse for credit score — foreclosure, short sale or deed in lieu?

You can't really say that credit scores don't matter. They do.

So it's understandable that the hundreds of thousands of homeowners who finally realize they can no longer hold onto their homes worry about how turning in their keys to the house through various transactions with their lender will affect their credit scores.

People can just let the home go to foreclosure, and this will affect their scores for seven years. Or they can do a deed in lieu of foreclosure. With a deed in lieu, you voluntarily give your home to the lender in exchange for the cancellation of your loan. This, too, can create a negative mark on your credit history.

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Carol Morello 31 Aug, 2011

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