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are lenders making the client responsible for difference

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mwinters Joined: 29 Jul 2009 Posts: 1 1.00 Dollars($)	Posted: Wed Jul 29, 2009 12:48 pm    Post subject: are lenders making the client responsible for difference Like 0 Dislike 0 are lenders making the client responsible for difference on a deed in lieu of foreclosure
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Wed Jul 29, 2009 7:36 pm    Post subject: Like 0 Dislike 0 Hi mwinters, In case of a deed in lieu of foreclosure, the deficient amount resulting from the sale of the property is forgiven by the lender. As far as the taxes on the balance amount is concerned, it may be forgiven depending upon the laws of the state your property is located in. _________________ Procrastination is the enemy of your financial success

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