AFTER A DEED IN LEUI DEOS THE BANK STLL SELL LIKE A FORECLOS

KRISPEREZ12 · Joined: 24 May 2008 Posts: 2 1.50 Dollars($)

AFTER A DEED IN LEUI DEOS THE BANK STLL SELL LIKE A FORECLOSURE? AFTER THEY ACCEPT IT THE SELL IT THEN IS THAT HOW THEY DETERMINE WHAT I OWE ?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi KRISPEREZ,

I have said in your other post that if the lender accepts deed in lieu, then he will not come after you for the deficiency. After the DIL the lender sells the property to get the money what you owe to him.

Now because of the Mortgage Debt Forgiveness Act you need not to pay tax on the forgiven debt.

Hope this helps.

Feel free to ask if you have any further questions.

Best of luck,
Larry

Niicss · Joined: 03 Oct 2005 Posts: 1047 156.17 Dollars($)

Welcome KRISPEREZ,

If your mortgage company accepts the deed in lieu of foreclosure then they cannot again do a foreclosure on that property. And they will not even come after you for the deficiency judgment.

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