I went through with a deed in lieu of foreclosure ...

A deed in lieu of foreclosure will leave a negative mark on your credit report, but it is nowhere near as bad as a foreclosure. Before applying for another mortgage, get a copy of your credit report and start working on any of the negatives in it. Also pay all you bills on time for at least a year. If your income to debt ratio is in balance, then you should be able to qualify for another mortgage. 

Here is a free e book that will help answer many questions on improving your credit score.

http://confidentlifestyle.com/Documents/fix%20credit.pdf

Good luck and best wishes. 

A Deed in lieu of foreclosure often seems like an option many people in default would like to take to cure a pending foreclosure, but it really is one of the least preferred options from a lender viewpoint.  A deed-in-lieu seems like such a simple concept, the borrowers doesn't want the home and the lender will probably end up owning the home after foreclosure.  Why not just get it over with now, mail the lender the keys and the deed and it will all be over.

It's not that simple from the lender's viewpoint.
If there are any other loans other than the foreclosing loan against the property, the lender accepting the deed in lieu will need to pay those off to obtain clear title.   The same applies for any possible judgments that may have been recorded.  Then there is the question of who is on the property title.  Are all the owners interested in providing a deed-in -lieu?  Do all those owners really understand exactly what they are giving up?  Are they going to come back a year later and say they didn't understand?

There are 4 main conditions for a lender to consider a deed-in-lieu.
1. Foreclosure is imminent and unavoidable
2. The borrower is unable to sell the property.
3. There should be no other liens, or attachments to the property.
4. The property needs to be left in broom clean condition.

If those conditions have been, or can be met, some lenders will consider a deed in lieu of foreclosure, although most lenders will prefer the use of a compromise, or short sale.  This is one of the least preferred alternatives to foreclosure and should be the last option explored.

source:  http://www.all-foreclosure.com/explain/deed_in_lieu.htm 

Future Credit Issues: 
If you allow your home to be foreclosed or if you sign a Deed-in-Lieu of Foreclosure:
Both of these solutions affect credit the same. Home owners will take a hit of about 250 points on their FICO score. This means if a their FICO score before foreclosure was 680, it could dip as low as 430. A home owner who wants to buy another home after foreclosure will end up waiting about 24 months before a lender will offer any kind of interest rate that makes sense. During that time you must have a near perfect credit.

source:

http://www.afscanhelp.com/blog/2007/6/how-differrent-foreclosure-issues-affect.cfm 

Deed in Lieu of Foreclosure Being faced with a foreclosure on your house is one of the most traumatic situations in life. You are troubled about losing your house and your investment, and you dislike the thought of a foreclosure and the effects it will have on your credit ranking and your potential. In certain circumstances, and in certain situations, there is an alternate to a foreclosure, which we called it, a deed in lieu of foreclosure. In order to attain a deed in lieu of foreclosure, financial lender and the house owner both must agree to sign over the title of the deed to the lender. In other words, the financial institution will now own the house in question. In return the original homeowner is alleviated of paying back the debt still owed on the house. The house holder in default have no more liabilities in regards to the said home, and by acquiring this agreement with the lender, the deed in lieu of foreclosure will not influence the homeowners credit rating like a conventional foreclosure would. The agreement to go for the deed in lieu of foreclosure must be prepared at the start of the foreclosure process. The deed in lieu of foreclosure is an out of court agreement. The bank or lending institution will most frequently opt for a deed in lieu of foreclosure when the debt is so great that the homeowner cannot pay it. It would not be valuable for them to seek a dearth judgment, which is a court order to recover part of the outstanding debt related to the foreclosure. They usually pursue through with the actual foreclosure when the debt isn’t as much as the worth of the property. The advantages of a deed in lieu of foreclosure is an financial one for the lender, by settling out of court the lender will save money on court and notary fees. The lender will also make sure that the deed in lieu of foreclosure will not make them answerable for any mortgage liens upon the property before proceeding with this action. In other words holding the title will be a separate body from any liens (claims for payment from contractors etc.) upon the property. At this point the bank or other lending institution will be capable to sell the property and recuperate there loses. The new owners of the property would be answerable for the liens if there is any pending. The advantage to the homeowner is that the evidence of foreclosure will not be recorded on their credit history. Source: http://www.tostopforeclosure.com/

pretty much the way a foreclosure would. If U have a hardship letter that was given to your lender. make a copy and have it added to your credit report as a letter of explanation. most businesses will understand.

If you  are facing foreclosure or need a mortgage modification please contact me. It does not matter how behind you are, i can help. Do not be discourgaed if you have been turned down in the past. I get results! Please email and lets save your home. contact me at : jlmalloy@aol.com

You may have a difficult time getting another mortgage.  The Deed in Lieu (DIL) stays on your credit report for up to 10 years depending on your state.  Banks and lenders frown on DIL heavily.  In most cases you will have to put up a large down payment and will get a higher interest rate.  A lot also depends on your credit score and finances.  Talk to a mortgage broker in your area.