Posted on: 24th May, 2008 09:47 am
AFTER A DEED IN LEUI DEOS THE BANK STLL SELL LIKE A FORECLOSURE? AFTER THEY ACCEPT IT THE SELL IT THEN IS THAT HOW THEY DETERMINE WHAT I OWE ?
Hi KRISPEREZ,
I have said in your other post that if the lender accepts deed in lieu, then he will not come after you for the deficiency. After the DIL the lender sells the property to get the money what you owe to him.
Now because of the Mortgage Debt Forgiveness Act you need not to pay tax on the forgiven debt.
Hope this helps.
Feel free to ask if you have any further questions.
Best of luck,
Larry
I have said in your other post that if the lender accepts deed in lieu, then he will not come after you for the deficiency. After the DIL the lender sells the property to get the money what you owe to him.
Now because of the Mortgage Debt Forgiveness Act you need not to pay tax on the forgiven debt.
Hope this helps.
Feel free to ask if you have any further questions.
Best of luck,
Larry
welcome krisperez,
if your mortgage company accepts the deed in lieu of foreclosure then they cannot again do a foreclosure on that property. and they will not even come after you for the deficiency judgment.
if your mortgage company accepts the deed in lieu of foreclosure then they cannot again do a foreclosure on that property. and they will not even come after you for the deficiency judgment.