Deed in lieu of foreclosure

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I own a home that is not my primary residence; it was purchased so that the son of the co-owner at the time could live in it which he did for 3 years. Does that fact that the son of the owner lived in it for 3 years allow it to be counted as a primary residence for tax purposes? In other words, would there be relief from a deficiency judgment as well as tax relief?

jameshogg · Posted: Mon Aug 10, 2009 7:28 pm Post subject:

Hi judybrick,

As you never lived in the property, I don't think it would be considered as your primary residence. Moreover, I guess no one is living in the property right now. So, in such a situation, the lender would not consider it as your primary residence. There are chances that you would have to pay the deficient amount resulting from the sale of the property.

Thanks

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