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Old 12-21-2005, 12:54 PM
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deed in lieu of foreclosure

What is the name of your state? Penna. Do I need a lawyer to file a deed in lieu of foreclosure? owe more on loan then the house will sell for.Does the morgage co. sue for the bal.if house comes under the full loan?Also owe 2 years back taxes what happens?
Last edited by rodem103; 12-21-2005 at 02:21 PM.
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Old 12-22-2005, 01:42 PM
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You may need an attorney, but one is not required. Make sure you get a written promise that the lender will not pursue a deficiency judgment. Also, the lender will most likely not accept a DIL if there are any leins other than the first mortgage.
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Old 12-23-2005, 10:52 AM
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D.i.l.

Penna. The 2nd Morg. Is With The Same As The 1st With Them, They Said They Would Pay Property Taxes, Also Is It True That I Would Have To Pay Taxes On Bal. If House Came In At 275,000 And I Owe 330,000 If They Wrote Off The Offset? 55,000 Witch Would Be Better???pay Them Or Irs???thank You
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Old 12-23-2005, 11:14 AM
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Quote:
Originally Posted by rodem103
Penna. The 2nd Morg. Is With The Same As The 1st With Them, They Said They Would Pay Property Taxes, Also Is It True That I Would Have To Pay Taxes On Bal. If House Came In At 275,000 And I Owe 330,000 If They Wrote Off The Offset? 55,000 Witch Would Be Better???pay Them Or Irs???thank You

**A: you would not owe the IRS the deficiency. The amount would be reported as income and judging from your situation, it appears that you would not ower too much taxes anyway.
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