Posted: Sun Sep 27, 2009 8:47 pm Post subject: deed in leu of
I have a house that i had to stop making payments. I haven't paid since february. They won't foreclose. I am going to send them the deed in leu of. What are the problems that i will have besides my credit?
It's good that you are applying for a deed in lieu of foreclosure in order to avoid foreclosure. Your credit score would be lowered by 250 points and it would remain on your credit report for 7 years. Apart from this, you would not be able to qualify for a mortgage in the next 2-3 years. However, as far as the deficient amount is concerned, it would be forgiven and you won't have to pay taxes on it as per the Mortgage Debt Relief Act. _________________ Procrastination is the enemy of your financial sucess
ejm12345 Guest
Posted: Sun Oct 25, 2009 9:15 am Post subject: lender will not modify morg.
Take a look at it. I hope it will help you. _________________ Procrastination is the enemy of your financial sucess
Ted Auerbach Guest
Posted: Wed Nov 11, 2009 9:25 am Post subject: Vacant Lot
I bought a lot in 2006 to build what would had been my primary home. Then the bottom fell out and I was only able to get to the dirt work done before having to go another route and fell behind on my payments. I am on the process of subitting for a DIL. What is going to happen to me? The bank said that I might be hit for the entire amount ($159,000) via 1099. Any advice will be helpful. My credit is already shot, I am needing to minimize the tax hit I will take.
I haven't heard of any such rule stating that after December, 2009, you won't be liable to pay the capital gains taxes. Where did you get this information from?
adonis
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