Deed in lieu & credit report

[Administrator]

We have a mortgage thru EMC and they would like us to do a deed in lieu because we don't have the income to support the house payment. I said we would only agree if they would not report it as such to the credit bureaus. They said that they are required to report it as DIL. What other ways can EMC report to credit bureaus that isnt as bad as DIL? Since DIL is almost as bad as Foreclosure on the credit, there is not much to be gained by us doing DIL. We have never been late before this month, but have tried for about 6 months to get them to talk to us about loan problem but they said they wouldn 't talk to us 'til we're late. We have not made the Apr payment yet so now they call every day. My credit score is currently 800, my husband's is 700. At this point we know we can't keep the house, but we are trying to save our credit the best we can.


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(Source: mortgagefit.com)