Re: DIL pros & cons
Posted by steele in minnesota on June 25, 2007 at 09:53:11:
In Reply to: DIL pros & cons
Posted by Gen on June 25, 2007 at 08:32:07:
Deficiency Judgement allows the bank to sue you for the difference after foreclosure. You could still be taxed for the difference as I understand it.
With a full foreclosure the bill will only be bigger as costs to the lender grow larger and often the house sells for less after standing empty longer.
I would review the options with a competent foreclosure attorney and accountant.
Steele
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