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Upside-down, Under Water |
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I was laid off from work in January but have been able to make my mortgage payments until now(May). I ahve heard that either a short sale or deed in lieu would be the best course of action for me to take. My mort. is 270000 and the value is maybe 200000. Are there any future ramifications with either of these 2 scenarios outside of the credi hit? |
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You should discuss the matter with your lender immediately. There may be some program available to help you. If not, either a short sale or a deed in lieu would be much better for your credit record than a foreclosure, and you'd be lucky if your lender would go for either of those solutions.
As for repercussions -- the IRS no longer taxes you on "forgiven debt".
Let me know what happens: I'm interested. |
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Edith
Originally published on May 11, 2008 |
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