Posted on: 29th Jul, 2009 12:48 pm
are lenders making the client responsible for difference on a deed in lieu of foreclosure
Hi mwinters,
In case of a deed in lieu of foreclosure, the deficient amount resulting from the sale of the property is forgiven by the lender. As far as the taxes on the balance amount is concerned, it may be forgiven depending upon the laws of the state your property is located in.
In case of a deed in lieu of foreclosure, the deficient amount resulting from the sale of the property is forgiven by the lender. As far as the taxes on the balance amount is concerned, it may be forgiven depending upon the laws of the state your property is located in.