Posted on: 13th Jul, 2011 06:11 pm
I stumbled on to your site and i am hoping that you will be able to help me.
We are not in this home in question, as we had to move due to a job change.
We have gone through the short sale and no luck in selling this home. Market is very bad in this city at the moment.
We received a letter now asking if we want to do a deed in lieu.
But my problem is this can we?
We own our second home. Since we bought it when we had to move.
We are not in this home in question, as we had to move due to a job change.
We have gone through the short sale and no luck in selling this home. Market is very bad in this city at the moment.
We received a letter now asking if we want to do a deed in lieu.
But my problem is this can we?
We own our second home. Since we bought it when we had to move.
A deed in Lieu is giving up title and possession of the property in Lieu of foreclosure. So if your lender will accept it, and you already have exhausted your other resources to get out of the property, this would probably be the best bet. You want to see if your state allows for the deficiency judgement, which would be able to attach to other real property you own. Some states are only allowed to take back their collateral as others can issue the deficiency judgement. There is also Tax, IRS implications from a short sale, foreclosure or a deed in lieu. Good luck.