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pennykandi · Joined: 14 Aug 2008 Posts: 2 1.54 Dollars($)

What is a deed in lieu? If the lender agrees to a deed in lieu will we have to pay the remainder of the mortgage if the lender sells the property for less than we owe? Please help!

larry · Joined: 27 Jun 2007 Posts: 3322 474.67 Dollars($)

Hi pennykandi.

I have answered you question at
http://www.mortgagefit.com/problems/deedinlieu-tax.html#57797

Please take a look at it. BTW in case of deed in lieu then lender doesn't c9ome after you for the deficiency judgment. But it will have a huge negative affect on your credit. Feel free to ask if you have any further questions.

Best of luck,
Larry

vegas_storms · Joined: 12 Sep 2008 Posts: 67 3.54 Dollars($)

I would say it "can" have a huge negative affect on your credit, it's not automatic. It really depends on how the lender reports it and it is possible to negotiate this with them.

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please help