Well, you say it all with "that short sale guy." It is obviously in your best interest to have any house in your area short sold if you are involved! I love how people skew things for thier personal interest and gain. Deed in Lieu of Forclosure is NOT the same as a final judgment of forclosure, it is a much better way to avoid foreclosure than a short sale that people are backing out of contracts on daily.
The "Short Sale Guy" fails to you is that most deed in lieu transactions DO NOT have deficiency judgments or personl guarantees (Just be sure that the lender agrees, in writing, to forgive any deficiency). This guy also fails to mention that most do not have tax implications due to the Mortgage Forgiveness Debt Relief Act of 2007.
Stick to short sales, you obviously know nothing about Deed in Lieu of Foreclosure (or you do and its not in your interest to tell the truth). Any lender will tell you how much easier it will be to get a new mortgage after Deed in Lieu than going through foreclosure or short sale.
Well, you say it all with "that short sale guy." It is obviously in your best interest to have any house in your area short sold if you are involved! I love how people skew things for thier personal interest and gain. Deed in Lieu of Forclosure is NOT the same as a final judgment of forclosure, it is a much better way to avoid foreclosure than a short sale that people are backing out of contracts on daily.
dj7774 7 months ago
The "Short Sale Guy" fails to you is that most deed in lieu transactions DO NOT have deficiency judgments or personl guarantees (Just be sure that the lender agrees, in writing, to forgive any deficiency). This guy also fails to mention that most do not have tax implications due to the Mortgage Forgiveness Debt Relief Act of 2007.
dj7774 7 months ago
Stick to short sales, you obviously know nothing about Deed in Lieu of Foreclosure (or you do and its not in your interest to tell the truth). Any lender will tell you how much easier it will be to get a new mortgage after Deed in Lieu than going through foreclosure or short sale.
dj7774 7 months ago
thanks for the helpful info!
jbd8891 2 years ago
As usual very informative - You know your stuff!
plaidmag 2 years ago