Re: my $.02
Posted by Jeanette on March 01, 2004 at 10:29:34:
In Reply to: Re: my $.02 posted by Jeanette on March 01, 2004 at 10:21:48:
In conclusion, a deed in lieu of foreclosure is the same as a foreclosure. If the mortgagor was going to receive a 1099 for DIL they would receive one for the foreclosure there would be one slight difference. With the foreclosure the total amount owed will increase but the property value will not. You have final cost of foreclosure that would have been avoided with the DIL. This means foreclosure has even bigger tax ramifications.
