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when should you do a deed in lieu instead of foreclosure? On my foreclosure "all decrepencies are waived" would this be true with a deed in lieu?

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Could you tell me if a condo that has been rented out for less than a year would qualify for voluntary foreclosure or deed of lieu? We had purchased for our daughter and when she moved out we found a tenant. He totally trashed the unit, destroyed the carpet, and racked up over $500 in HOA fines. As you can imagine we do not want to rent this out again.

Like | Dislike | Share | Posted: Fri, 03/15/2013 - 12:31 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Our home is set to sell in foreclosure next Friday. We have been working with the bank for 2.5 years trying to short sell the property, but the bank kept giving us the run around even when we had a cash buyers. The last think we what is to foreclose on our property. What are our options...if any?

Like | Dislike | Share | Posted: Sat, 09/01/2012 - 15:52 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Stefanie,

You can contact your lender and apply for a deed in lieu of foreclosure. However, it will be the lender's discretion whether or not he will consider your request for a deed in lieu of foreclosure.

Thanks

Like | Dislike | Share | Posted: Mon, 09/03/2012 - 00:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We have been paying on a home for nearly eleven years. About a year after purchasing the home we began to notice mold on the walls. I quickly began investigating solutions and removal methods. We took steps to resolve the issue (though there was no leak we replaced the roof and put in a ridge vent, scrubbed all mold off, used mold resistant primer and paint...anything and everything that we could think of to do). The mold returned, and it has been a constant battle since that first year. There was a flood in 1993 that did get into the basement, and we were told that no claim had ever been filed on the home because there had been no damage done. I believe that this is the actual source of the problem, but doubt that we could do anything at this point to make a claim. We have looked over the flood insurance policy and our home owners insurance policy and it looks as though neither would pay anything.
When my husband's back was injured, which required back surgery and months of not being able to work, we began to struggle financially, but were able to keep our heads just above water with my income. Because he is in construction he is limited on the work that he has been able to do since the surgery, and we ended up getting behind. We applied for the Options Program, and are currently enrolled in it, but continue to struggle. We were sent a list of options including Short Sale, Debt in Lieu etc...my concern that is along the way I have also inherited a small piece of property that has been in my family for a hundred years. I cannot put that property at risk of being lost in the event of any of the Options that are available. We plan to build on the property, but the work toward that goal has been slow going. Would a DIL put that property at risk?
At this point (after dealing with chronic fatigue, sinus infections and headaches, allergy issues, and a host of other symptoms that I believe are related to the mold; we are ready to just walk away from this home and live in a tent if we have to just to escape this sick house.
We feel lost as to what to do...we have considered telling the lender and the insurance companies about the conditions that we have been living in and let them fight it out, but feel that we would still be held liable and possibly lose the other property as a result.
Please respond with any advice that you may have for this miserable situation.
Thank you,
Bonnie

Like | Dislike | Share | Posted: Tue, 03/06/2012 - 09:50 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Bonnie,

The deed in lieu of foreclosure won't put the inherited property in danger. In case of a deed in lieu of foreclosure, your deficient balance will be forgiven by the lender. So, the lender won't go after your inherited property to recover the debts.

Thanks

Like | Dislike | Share | Posted: Wed, 03/07/2012 - 03:05 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Jerry,
Thank you for your response. I have a couple more questions. Say they are unable to sell the house for a few years, and the mold issue presents itself bringing down the value of the house; would the lender then be able to make us pay anything?
What about other property? Land that was gifted, or ownership of any other property, vehicles etc.? I understand that these must be listed in the event of foreclosure and/or bankruptcy.
Thanks again,
Bonnie

Like | Dislike | Share | Posted: Wed, 03/07/2012 - 09:00 | Post subject:

ozgrad's picture
ozgrad | Joined: March 7, 2012 01:09 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I can't keep paying my investment prop, just talked to a lawyer about "Deed in lieu". He's suggested for me to keep paying the mortgage while he process the "Deed in lieu" with the bank. But why we have to keep paying and isn't that "Deed in lieu" about?

Like | Dislike | Share | Posted: Wed, 03/07/2012 - 13:11 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To Bonnie,

If the lender accepts the request for a deed in lieu of foreclosure, then he won't come after you in order to claim the deficient balance from you. You will have to list all your assets in case of bankruptcy.

To ozgrad,

Your query has been replied to in the given page: http://www.mortgagefit.com/Mortgage-problems/deed-in-lieu.html . Please take a look at it. I hope it will help you.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 03/09/2012 - 00:55 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

in my consolidated loan will I lose my car also

Like | Dislike | Share | Posted: Sun, 04/01/2012 - 19:24 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

will i lose my car from my consolidated loan

Like | Dislike | Share | Posted: Sun, 04/01/2012 - 19:26 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Coco,

Your query is not very clear to me. Please post your query in details so that it helps us to give you some suggestions. However, if you don't pay off your car payments on time, then you may lose your car.

Thanks

Like | Dislike | Share | Posted: Mon, 04/02/2012 - 01:49 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Can I do a deed in Lieu if the mortgage loan is only under my name but I have added someone to the title of the property as joint tenants even though they are not on the loan?

Like | Dislike | Share | Posted: Mon, 04/02/2012 - 13:13 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi davidleft!

Welcome to forums!

If you're unable to pay off the mortgage and if both of you agree for a deed in lieu of foreclosure, then you can go ahead with this. You should contact your mortgage lender and apply for the same. It will be the lender's discretion whether or not he will accept your request for the same.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 04/02/2012 - 23:46 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I've been working on a dil with Fannie Mae and the bank for 7 months now. Finally may be making progress. I've been told that I need to vacate the propery before they will continue to consider the dil. Is this standard? Will I be accused of abandonment? They said they need to do an appraisal and this cannot be done until I leave the home. Should I leave or is this a way for them hold up the dil? How can I get them to guarantee the dil if I should leave?

Like | Dislike | Share | Posted: Wed, 04/04/2012 - 20:08 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Denise!

Welcome to forums!

Well, not much lenders ask you to leave your property prior to deed in lieu of foreclosure. Before leaving the property you should clarify all your doubts with the lender. If required, you can contact a real estate attorney and take his opinion in this matter.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Wed, 04/04/2012 - 23:29 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We really need to walk away from our house.
Should we first try to do a Deed in Lieu or should we just walk and if we get a 1099C deal with it then as a hardship? We have minus $108,000 equity (one loan). Bought house at 245,000 worth 65,000 now.
Husband has job, I have been unemployeed for 3 years.
Can't make payments.
Any information would be greatly appreciated.

Like | Dislike | Share | Posted: Tue, 04/10/2012 - 17:55 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Stella,

I will suggest you to contact your lender and apply for a deed in lieu of foreclosure in order to get rid of the property. If you and your husband can proof hardship, the lender will consider your request and agree to a deed in lieu of foreclosure.

Like | Dislike | Share | Posted: Wed, 04/11/2012 - 01:34 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

We had a bankruptcy in 2009 and remodified our home late last year. However, even the remodified amount is a bit too much for us. we keep dipping into savings to stay afloat and have decided to leave the property and rent. Is it better to walk away from the property or do the deed in lieu? Are they equal as far as credit score/report is concerned? Thank you

Like | Dislike | Share | Posted: Thu, 04/12/2012 - 13:45 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi dncnqn,

It will be better if you could apply for a deed in lieu of foreclosure in order get rid of the property. If your request is granted, then you will be able to sell off the property and you won't be liable for paying off the deficient balance resulting from the sale of the property.

Thanks

Like | Dislike | Share | Posted: Thu, 04/12/2012 - 22:38 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

call me i want more information 559-475-2336 thanck you

Like | Dislike | Share | Posted: Fri, 04/13/2012 - 15:01 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I would like a personal consultation with a professional in a deed in lieu
or forclosure but, I can seem to figure out who to talk to that can walk me through this maze. I called a Real Estate Lawyer and they said go to the bank that has you mortgage. I would like to actually consult with someone first. Do I go to a CPA or some other field?
Please help, I am at my witts end.

Like | Dislike | Share | Posted: Sat, 04/14/2012 - 07:27 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Stella!

Welcome to forums!

It is your lender who will guide you regarding deed in lieu of foreclosure. If you want to get rid of the property as you cannot pay off the loan, deed in lieu of foreclosure will be of great help to you. It will not only help you to sell off the property but you won’t be liable for paying off the deficient balance resulting from the property sale. However, it will lower your credit score by 250 points.

Feel free to ask if you’ve further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 04/16/2012 - 23:27 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i requested a deed in lieu property is in only my name so why would my wife be required to sign it also?

Like | Dislike | Share | Posted: Fri, 05/04/2012 - 22:25 | Post subject:

jerry's picture
jerry | Joined: October 17, 2005 03:24 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi sassy,

Your query has been replied to in the given page: http://www.mortgagefit.com/Mortgage-Basics/why-would-my-wife-have-to-sig... . Please take a look at it. I hope it will help you.

Thanks,

Jerry

Like | Dislike | Share | Posted: Mon, 05/07/2012 - 01:30 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Geno!

Welcome to forums!

If the property is transferred to the father before his bankruptcy filing, then he will have to include the property in his bankruptcy. The bankruptcy trustee can even sell off the property in order to pay off other debts. So, it won't be a good option to get the property transferred to him now. Once he receives a discharge from the bankruptcy filing, then the property and the mortgage can get transferred to him.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 05/22/2012 - 01:12 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Is a deed in lieu of foreclosure possible if there is a federal tax lien on the property?

Like | Dislike | Share | Posted: Thu, 05/17/2012 - 13:52 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

I cant continúe in paying my condo, it is just getting heard, ever since I have retired with a limited income, I have not miss a payment, but I just can't live in this condition , could you help with some suggestions, thank you!

Like | Dislike | Share | Posted: Thu, 05/17/2012 - 19:16 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To fybrtn,

Deed in lieu may be possible but you will be liable for paying off the federal tax lien on the property immediately or through a payment plan.

To Wil,

You can list the property in the market and try to sell it off. You may even contact the real estate brokers who will help you in selling off the property.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Fri, 05/18/2012 - 00:14 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thanks Sussane, When I transfer the property and mortgage from the son to the father after the bankruptcy is completed is it considered a 'sale' and all of the cost, paper work and tax consequences that follow or is there a way to transfer property and mortgage within a family that is not considered a sale? thanks.....

Like | Dislike | Share | Posted: Wed, 05/23/2012 - 11:12 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If you do the dil how should it be reporting to the 3 credit agencies.

Like | Dislike | Share | Posted: Wed, 05/23/2012 - 15:14 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi!

Welcome to forums!

To Geno,

As far as I can understand, it will be considered as sale. Moreover, you should note that immediately after a bankruptcy discharge, you won't be able to get qualified for a loan. You will have to wait for 2-4 years to get qualified for a loan.

To Rcvanfred,

A deed in lieu of foreclosure should be mentioned in your credit report if you go for one.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 05/24/2012 - 00:50 | Post subject:

ozgrad's picture
ozgrad | Joined: March 7, 2012 01:09 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Mortgage and deed under my wife name. She has no income. But why BOA need our tax returns and expenses report and I am VERY reluctant to give them my SS#, income and other info since I heard BOA is very slick and who knows what they are up to?

Like | Dislike | Share | Posted: Thu, 05/31/2012 - 12:55 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi ozgrad!

Welcome to forums!

If your wife does not have any kind of income, then it will be difficult for her to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. The BOA needs your tax returns and other details, just to verify your credit and financial situation.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 05/31/2012 - 22:41 | Post subject:

ozgrad's picture
ozgrad | Joined: March 7, 2012 01:09 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Thx for your responses Susanne. My wife is in the middle of processing a DIL and she has no income but BOA asking for Tax returns, financial report and 4056T. Only her name was in the deed and mortgage but WHY BOA looking for my info and records as well, WHY can't BOA just focus on my wife info and records. It has nothing to do with me so do I have an option not to disclose or give BOA any of my SS# and income and other details. She is using a Lawyer but the Lawyer is not helping so much so far. Please respond ASAP. :(

Like | Dislike | Share | Posted: Fri, 06/01/2012 - 06:10 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

If the deed and the mortgage are solely in your wife’s name, then the lender shouldn’t ask for your documents. You should inform the lender that you wouldn’t be giving the documents. They just can’t force you for the documents.

Like | Dislike | Share | Posted: Mon, 06/04/2012 - 01:45 | Post subject:

ozgrad's picture
ozgrad | Joined: March 7, 2012 01:09 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

I am perfectly agreed w/ you but the lawyer said that we have to submit the docs requested by BOA eventhough I am not part of the mortgage but since we are joint file in Tax returns then I have no choice otherwise BOA won't process my wife DIL request. Any other advises.

Like | Dislike | Share | Posted: Mon, 06/04/2012 - 09:06 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Ozgrad!

Welcome to forums!

Well, in that case, I guess you will have to follow the lawyer's advice and submit a copy of all the required documents.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Tue, 06/05/2012 - 01:16 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

my wife and i bought a home back in 2000 or so. since then my wife and i have lost our jobs and i have found another, have been laid off and now work out of state. my family and i have been out of state for the last 5 years, we have made our payments on time, plus rent payment. we will no longer return to our original home and things are getting tight. due to the housing crash we now owe more than the home is worth. is a deed in lieu an option for me?

Like | Dislike | Share | Posted: Tue, 06/05/2012 - 23:24 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi unclefesteradams!

Welcome to forums!

Deed in lieu of foreclosure is the option for you. You will have to contact the lender and apply for a deed in lieu of foreclosure. The lender will check your financial situation and let you know whether or not you will be able to get qualified for a deed in lieu of foreclosure.

Feel free to ask if you've further queries.

Sussane

Like | Dislike | Share | Posted: Thu, 06/07/2012 - 00:20 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How does this pertain to a timeshare deed in lieu of foreclosure in the state of Florida-mainly taxes. This was done in the Spring of 2012. Thanks

Like | Dislike | Share | Posted: Mon, 01/28/2013 - 12:23 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome Natericalanell,

After a deed in lieu of foreclosure, you need to wait for 3-4 years in order to [url=http://www.mortgagefit.com/Mortgage-Basics/do-i-qualify-for-a-mortgage.h... for a mortgage[/url]. A deed in lieu of foreclosure won't be considered same as a foreclosure.

Like | Dislike | Share | Posted: Fri, 06/08/2012 - 00:40 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

How long after deed in lieu do you have to wait to purchase a home, why is it considered the same as foreclosure

Like | Dislike | Share | Posted: Thu, 06/07/2012 - 13:49 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

when doing a short sale closing in Connecticut do you have pay city tax & state tax, i was told by attorney that as of July 2011 you did not have to pay conveyance tax

Like | Dislike | Share | Posted: Sun, 06/10/2012 - 16:58 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As far as I know, during a short sale, you won't be liable for paying city tax and state taxes. Nevertheless, you can contact a local tax adviser and take his help in knowing further information in this regard.

Thanks

Like | Dislike | Share | Posted: Sun, 06/10/2012 - 23:20 | Post subject:

jameshogg's picture
jameshogg | Joined: December 20, 2005 02:58 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Kathleen,

I don't think that the time period of renting will matter much while you apply for a deed in lieu of foreclosure. You can immediately apply for a deed in lieu of foreclosure if you want to get rid of the property.

Thanks

Like | Dislike | Share | Posted: Mon, 03/18/2013 - 00:27 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Welcome jeet,

As this is a legal issue, you will have to somehow manage to get a lawyer for yourself. Without a lawyer, it will be very difficult for you manage the whole matter. Moreover, you should note here that the lender will have the rights to file a case against you if you don't pay off the debts.

Like | Dislike | Share | Posted: Wed, 09/12/2012 - 23:36 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

i want to know as we are not living in the property addressed home. we left the home and it is vacant since 2 years and half.i legged behind in paying morgage.
now the question is that my wife singnature is not in the Purchase Deed but her name in Trust of Deed means i think, she owns the property without any financial responsibily.the mortgage's lower file a petition in circuit court for getting singnature of my wife in purchase deed.what do i do? the final date of court on this 14th september.i cannot afford any lawyer. i face the litigation by my self.please advise me

Like | Dislike | Share | Posted: Tue, 09/11/2012 - 11:06 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

My husband left our home and decided not to pay the mortage. The house is going in foreclosure. My husband has decided to apply for a deed in lieu of foreclosure. Im still in the home, with daugthers. I received notice today that he want me to move in order to agree with lender. My name is not on mortage but it is on the deed. Can this be done without my consent?

Like | Dislike | Share | Posted: Tue, 06/12/2012 - 21:17 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Guest,

As your name is mentioned on the property deed, your husband can't decide to sell off the property without your permission.

Like | Dislike | Share | Posted: Wed, 06/13/2012 - 00:17 | Post subject:

smith.sussane's picture
smith.sussane | Joined: September 18, 2008 09:57 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi flatarheel!

Welcome to forums!

In case of a deed in lieu of foreclosure for timeshare, the lender will forgive the deficient balance resulting from the sale of the property. The forgiven debt will be considered as your income by the IRS. But as the Mortgage Debt Relief Debt has been extended, you won’t be liable for paying the taxes.

Feel free to ask if you’ve further queries.

Sussane

Like | Dislike | Share | Posted: Mon, 01/28/2013 - 21:58 | Post subject:

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