DIL pros & cons
Posted by Gen on June 25, 2007 at 08:32:07:
Hello all;
I am going through pre-forclosure stage on my property in Arizon where I am discussing the possibility of DIL with the lender, my question is: what is the benefit of DIL to the owener if it is in a state that does not embrace defeceincy judgment?
My understanding that the owner (in case of DIL) will pay IRS tax on the forgiven debt! so in my case which I am not interested in keeping the property anyways; the DIL would be bad for me as I am going to pay tax on the forgiven debt! the damage in my credit is done and DIL would not matter much! and the possibility of the lender to get a defeciency judgment against me is slim due to the state law! Am I thinking right here? please advise if DIL is good in my case?
Thanx in advance
Gen
Follow Ups:
- Re: DIL pros & cons - steele in minnesota 09:53:11 06/25/07
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