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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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anonymous200
Guest
0.10 Dollars($)
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 Posted: Fri Dec 07, 2007 10:22 am Post subject: Tax |
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| Are there tax consequences on a DIL?? |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Fri Dec 07, 2007 11:02 am Post subject: |
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Hi anonymous200,
Welcome to this forum.
The tax consequences on a DIL depend on the nature of loan you have borrowed- recourse or non-recourse loan. So which kind of loan do you have?
I think you should contact with your real estate agent. He can help you better.
Thanks,
Larry |
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cpinon23
Joined: 27 Dec 2007
Posts: 1
1.26 Dollars($)
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| Posted: Thu Dec 27, 2007 8:06 pm Post subject: Deed in Lieu of Foreclosure |
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| should i contact my lender on my own to request a Deed in Lieu of Foreclosure or should I have a professional contact them and negociate with them? |
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jenkin7
Joined: 04 Jun 2007
Posts: 939
140.77 Dollars($)
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| Posted: Fri Dec 28, 2007 12:40 am Post subject: |
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Hello Cpinon,
I think it will be better if you contact the lender on your own and talk to him about the deed in lieu of foreclosure and check if he is willing to accept that or not.
If things are not working then you may have a professional to handle your case. Even if the lender is ready to accept a deed in lieu, you may take the help of a legal professional to avoid complications. |
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larry
Joined: 27 Jun 2007
Posts: 3328
473.40 Dollars($)
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| Posted: Fri Dec 28, 2007 4:32 pm Post subject: |
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Hi Cpinon,
Welcome to this forum.
Contacting lender on yourself is a better option for you. Contact the lender ASAP and let him know your problem regarding your mortgage payments.
Feel free to ask if you have any further questions.
Thanks,
Larry |
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lisascherzer
Joined: 04 Jan 2008
Posts: 599
69.58 Dollars($)
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| Posted: Mon Jan 14, 2008 8:28 pm Post subject: |
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I agree with Jenkin7.
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Allpointe Mortgage
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Sunshine
Guest
0.10 Dollars($)
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| Posted: Sun Jan 27, 2008 11:35 am Post subject: Deed in Lieu vs. Foreclosure vs. Short Sale |
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We are at the point that we don't care what the effects will be on our credit score. We just want out. With that said, what would be the best option to take with the least amount of out of pocket expense? We have a 80/20 mortgage and not a dime to spare. We have had our home on the market since April 2007 and several bites, but they've all fallen through. We moved out of state in September and have not been able to make our mortgage payments since October. We've lowered the price so much that if we were to get an offer now, we'd have to bring money to the table and we don't have any to spare. Any advice??
Again, we aren't concerned about our credit scores any longer. This experience has made us realize that mortgages are just not they are cracked up to be. We will rent for the rest of our lives if we have to. |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 673
Location: OHIO
117.51 Dollars($)
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| Posted: Mon Jan 28, 2008 4:39 am Post subject: RE: refinance and pay off loan |
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Hi Sunshine,
It's a good time to refinance any existing loan which one cannot pay off. So, if you are willing to do so, that could be an option. Fixed rate mortgages are currently available at low rates, so you could well qualify and refinance both the loans combined.
Alternatively, you can file a bankruptcy chapter 13 which will allow you to repay the loan through a 3-5 year repayment plan. You may not be concerned about scores but they are so important nowadays that even an employer doesn't like to recruit people having poor scores. If you can qualify for chapter 13, it will help you to repay a part of your debt and thus your score will improve.
If you wish to discuss further, please feel free to do so.
Regards,
Jessica
_________________
Home buying made simple with Community booklet |
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chad
Guest
0.10 Dollars($)
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| Posted: Sat Feb 23, 2008 6:10 pm Post subject: deed in lieu/ taxes |
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| I am in the process of getting a deed-in- lieu, does the mortgage forgiveness debt relief act protect me from paying taxes on the difference between sale price and what is owed |
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Jessica
Community Mentor
Joined: 08 Jun 2004
Posts: 673
Location: OHIO
117.51 Dollars($)
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| Posted: Tue Feb 26, 2008 1:17 am Post subject: RE: pay tax on deficiency amount |
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Hi Chad,
The Mortgage Forgiveness Debt Relief Act is likely to protect you from paying taxes on the difference between the sale price and what is owed. But you need to fulfill certain conditions.
Refer to the criteria for mortgage forgiveness debt relief .
Regards,
Jessica
_________________
Home buying made simple with Community booklet |
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Rich
Guest
0.10 Dollars($)
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| Posted: Thu Feb 28, 2008 12:41 am Post subject: Chap 7 and Deed-in-lieu-forclosure question!!! |
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| I had to claim Chapter 7 in Oct 2005 . One of my debts that was discharged was my mortgage debt with my lender Countrywide. However, I remained in the property and continued to pay my mortgage up until this month. I have found that I simply cannot continue to pay my mortage payment anymore due to a relationship breakup and subsequent income loss associated with such. Basically i'm down to one income. Can I simply hand back the keys to the lender or do I have to go through the forclosure,or Deed-in-Lieu of forclosure process. My credit has been restored since I claimed the Bankruptcy and I do not want another hit to my credit. How will a Deed-in-lieu forclosure on this property affect my credit now after this property was already a discharged debt after the chapter 7 proceddings back in 2005??..Hope this makes sense!! |
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Alex12
Guest
0.10 Dollars($)
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| Posted: Thu Feb 28, 2008 2:31 am Post subject: |
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Rich,
Since your mortgage debt has alreday been discharged, the lender may not have expected you to carry on with the payments as the debt is simply canceled. Even then if you have tried paying a part of it, then hopefully it will improve your credit score. I think it will be ok if you just hand over the keys to the lender. The lender will not intiate a deed-in-lieu or foreclosure. |
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Rich
Guest
0.10 Dollars($)
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| Posted: Thu Feb 28, 2008 3:38 am Post subject: Chap 7 and Deed-in-lieu-forclosure question!!! |
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Thank you very much for getting back to me so quickly...One more question I forgot to ask.
After a brief dissussion with the Lender yesterday, They had offered me a 10 year interest only loan (ARM) with no penalties, no negative amortization or any other stirngs attached which would lower my payment from $2,400 to $1,900 until I could get back on my feet. Not a bad deal however, If i refinance with them, will I still have the chapter 7 Bankruptcy protection or would this be considered an "all new loan" which would negate the 2005 banckruptcy protection I was afforded. If I take them up on thier offer, I do not plan on living there 5 years from now..Would you consider this a viable alternative..Since this bankruptcy, i seem to be second guessing every financial decision I make and I am always trying to bounce things off people who know...Thanks again |
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Terri
Guest
0.10 Dollars($)
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| Posted: Mon Mar 03, 2008 7:57 pm Post subject: What should I do? |
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| I own 2 houses, one that I am the only person on title. We moved out of that home in Aug 2007 and bought a house with my new husband. I have been unemployed for 1 year and can not make the $2700 mortgage payments anymore. I am current and I have renters in the first house to help with payments but my renters only pay $1300 monthly. I know this will hurt my credit and I am ok with that, but how should I start the process to wash my hands of this one house? Will they come after my current house I live in? Should I stay current and call the bank and ask for a deed in lieu of forclosure? Do I need to get rid of my renters and put the house up for sale first? I need help... |
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