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Deed In Lieu |
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If i do a quick sell would it be wise to prove solvency before moving forward, due to all the tax obliagations. also, is this a wise choice or would i be better off doing a deed-on-lieu? |
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You can only give your lender a deed in lieu of foreclosure (where they take the property and forgive the debt) if they agree to it. If you were considering that, you'd have to find out if they were willing.
As for that quick sell -- I don't know any of the figures involved, how much you owe, how much you could sell for etc. No way I can advise you. But from a credit record point of view, paying off the mortgage is better from your record than a deed in lieu (which is still lots better than a foreclosure.) |
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Edith
Originally published on July 28, 2008 |
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