deed in lieu, foreclosure

Posted by Nanci on February 15, 2003 at 18:13:14:

We moved to another state due to my job and bought a new house. We have been unable to manage two mortgages and the lender is threatening foreclosure. We had just refinanced the first house (in Maryland) and obviously have no equity. We don't know what to do, but it feels like it would just be simpler to let the house go, given that we already have a new house (in Vermont). We know there will be credit implications, but our credit is already compromised by late payments on the first house. Is deed-in-lieu of foreclosure an option? What might be the tax implications? Any advice would be very much appreciated.

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: We moved to another state due to my job and bought a new house.  We have been unable to manage two mortgages and the lender is threatening foreclosure.  We had just refinanced the first house (in Maryland) and obviously have no equity.  We don't know what to do, but it feels like it would just be simpler to let the house go, given that we already have a new house (in Vermont).  We know there will be credit implications, but our credit is already compromised by late payments on the first house.  Is deed-in-lieu of foreclosure an option? What might be the tax implications?  Any advice would be very much appreciated.


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