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swimqps · Joined: 20 Aug 2009 Posts: 1 1.00 Dollars($)

I have a rental property in florida and have not made two payments. I called my lender Chase and was told all I could do was Deed Of Lieu of Forcosure. Because my savings are gone and rents are way less than last year and I'm not working only my husband. my question is am I responsible for the difference of what the property is sold to what I owe? and when do I know that after its sold or when I sign the Deed Of Lieu of Forclosure? and what about taxes how is that calculated. I tried to get a modification but was told only primary residences qualify

adonis · Posted: Thu Aug 20, 2009 10:24 pm Post subject:

Hi swimqps,

As it's a rental property, there are chances that the lender would ask you to pay off the deficient amount resulting from the deed in lieu of foreclosure of the property. However, you should speak to your lender about the deficient amount before you sign the deed in lieu agreement with him. If you've to pay the deficient amount, then you would not be responsible for the taxes. In case, if your balance amount is forgiven, you may not have to pay the taxes as per the Mortgage Debt Relief Act.

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Deed of lieu of Forclosure