Medford Oregon Deed in Lieu of Foreclosure or Short Sale – Which is Better?
Don’t do a deed in lieu of foreclosure in Southern Oregon I have told many clients. Don’t do it! What is a deed in lieu of foreclosure in Medford? A homeowner who can no longer can afford their home, with the banks blessing, signs over their home back to bank so that the bank now owns the home, that in todays market is often very upside down between what was owed and what it is currently worth. Sounds simple, right? Its not. When the homeowner signs over their house in the “deed in lieu” in Southern Oregon, the homeowner no longer owns the home, the bank now owns the house. The only rights the previous homeowner now has, are whatever the bank gave the homeowner when they signed the deed in lieu. Often times the bank will reserve the right to foreclose, get a deficiency, and still ruin the previous homeowners credit. That’s right, the homeowner, thinking that the bank was offering a truce, can come back and sock it to the homeowner, and they often do. The other challenge is, if the home
Related Questions
- Are there any exemptions from the capital gains taxation in a foreclosure, deed in lieu of foreclosure or short sale if the property is a principal residence?
- What are the tax implications of a short sale, foreclosure, and deed in lieu of foreclosure?
- Medford Oregon Deed in Lieu of Foreclosure or Short Sale - Which is Better?
