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Deed in Lieu

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cuajito_76 Joined: 20 May 2010 Posts: 1 1.00 Dollars($)	Posted: Thu May 20, 2010 9:25 am    Post subject: Deed in Lieu Like 0 Dislike 0 I bougth my condo arround 8 years ago. Purchase a house on 2007 and put my condo for rent. Since then I been having problems to get a responsable tenant, so I got behide in my condo's mortgage payment, I dont want the property anymore so I try a short sale and could'nt sale it my last attemp is the DIL. My question is do I have to pay taxes after the DIL is completed? Do you think that the DIL is my best option? and my last question is I have'nt pay my condo's assessment payment, do I have to pay for that money after the DIL is completed? Thanks
smithsussane Joined: 18 Sep 2008 Posts: 10439 Location: Alaska 985.83 Dollars($)	Posted: Thu May 20, 2010 10:31 pm    Post subject: Like 0 Dislike 0 Hi cuajito! Welcome to forums! A deed in lieu of foreclosure is a good option to get rid of the property. You won't be liable for the balance amount resulting from the sale of the property as it will be forgiven. However, this forgiven amount can be considered as your income and the IRS may charge taxes on it. If the Mortgage Debt Relief Act is active in your state, then you won't have to pay taxes. Feel free to ask if you've further queries. Sussane

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