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Re: Deed in Lieu - California - Please help.

Posted by steele in minnesota on January 05, 2007 at 05:23:04:

In Reply to: Re: Deed in Lieu - California - Please help. posted by Mike on January 04, 2007 at 18:10:09:

As I understand it the only way the IRS will get involved is if you owe back taxes and the property had an IRS lien on it or if a 1099 was issued to show a difference in what you had owed and what the property eventually sold for. (The latter would be if it sold for less and there was "foregiveness" of debt.)

As for property taxes, typically the lender ends up absorbing these if there are some unpaid. Should the bank agree to deed in lieu I am sure any details will be discussed should you be asked to bring things current.

But I have not heard of this being done.

Steele V. Propp
Foreclosure Specialist
Schatz Group GMAC
Minneapolis, Mn
steelep@aol.com

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