Posted on: 05th Sep, 2009 05:14 am
my mom can no longer live alone and can't sell house for what she owes due to the market. Which would be better to do deed in lieu or foreclosure? How is the deed tax of $1.65 figured? Is that $1.65 per thousand of the debt forgiven?
Hi Guest!
Welcome to forums!
I think a deed in lieu of foreclosure would be a good option for your mother. This will help her to sell off the property but again she won't be liable for the deficient amount. In my opinion, she won't be charged taxes for the forgiven amount due to the Mortgage Debt Relief Act.
Sussane
Welcome to forums!
I think a deed in lieu of foreclosure would be a good option for your mother. This will help her to sell off the property but again she won't be liable for the deficient amount. In my opinion, she won't be charged taxes for the forgiven amount due to the Mortgage Debt Relief Act.
Sussane