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deed in lieu best option?

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arieliot Joined: 14 Dec 2009 Posts: 2 1.60 Dollars($)	Posted: Mon Dec 14, 2009 10:40 pm    Post subject: deed in lieu best option? Like 0 Dislike 0 Hello, I have a rental duplex in SW Florida that is worth about 50K. I owe 143K, and am having a horrible time paying the mortgage due to income loss. I have also had a slew of bad tenants (drugs, being hauled off to jail, leaving owing thousands, etc.) and though I have applied for loan modification, I have not been presented with a permanent solution. I am getting to the point where the stress and cost is too much for me to handle. Should I consider deed in lieu? foreclosure? I am afraid of a deficiency judgment and also the tax obligations. Any suggestions would be appreciated. Thank you!
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Tue Dec 15, 2009 12:43 am    Post subject: Like 0 Dislike 0 Welcome arieliot, Deed in lieu of foreclosure can be a good option in your case. You will have to write a hardship letter to the lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, you will not be responsible for paying off the deficient mortgage balance. You will also not be liable to pay the taxes on the forgiven debt depending upon Mortgage Forgiveness Debt Relief Act. _________________ Procrastination is the enemy of your financial success

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