Posted on: 03rd Apr, 2010 07:23 am
I have an investment property, which is in Foreclusure stage. Reason of not Payment: Loan Value highr than Property Value. A Realtor approached me.. to consider selling the property. So I was explaind that I will get a certain amout of funds, in Exchange with QuitCalaim deed. I am thinking about, that I have nothing to Lose, but to gain somethin , except not Clear what are the TAX IMPLiCATIONS
hi guest,
if you want to sell off the property, then you should have a word with your lender and apply for a deed in lieu of foreclosure. depending upon your situation, the lender will let you know whether or not your request will be accepted. in case of a deed in lieu of foreclosure, the deficient balance resulting from the sale of the property will be forgiven but you may have to pay taxes on that forgiven amount.
if you want to sell off the property, then you should have a word with your lender and apply for a deed in lieu of foreclosure. depending upon your situation, the lender will let you know whether or not your request will be accepted. in case of a deed in lieu of foreclosure, the deficient balance resulting from the sale of the property will be forgiven but you may have to pay taxes on that forgiven amount.