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Posted by Doug on May 25, 2007 at 11:35:00:
I understand in a short sale that the IRS could tax me on the difference of what my house sells for compared to what I owe. But in a Deed in Lieu how does it work?" If the lender accepts a Deed in Lieu and lets me walk away is there any forgiven debt? If so, would that debt generally be more or less than in a short sale. Would they be able to sell my house for more than I could in a short sale? Please Help!!
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