Ask Experts Questions for FREE Help !
Ask
    magjoe2's Avatar
    magjoe2 Posts: 2, Reputation: 1
    New Member
     
    #1

    May 15, 2008, 10:50 AM
    Warranty deed in lieu of foreclosure
    Warranty deed in lieu of foreclosure

    I received a documents in the mail for a short sale on a timeshare in Florida. I was told by the representative that I will be clear of all financial responsibilities and this will not be reported to the credit bureau. Can someone explain what the warranty in deed in lieu of foreclosure is? Will I this effect me financially in the future in terms of credit reporting and paying taxes on the 1099 form.

    TIA
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #2

    May 15, 2008, 06:18 PM
    Basically the lender is buying the deed from you for what is owed on it. If they are offering you deed in lieu of foreclosure.

    But a deed in lieu of foreclosure is not a short sale that is something else.
    A short sale is where there is a buyer and you sign the deed of the property over to them but they pay less than the amount of the mortgage but the mortgage company will accept this payment as payment in full.

    So you would not have a short sale and a deed in lieu of foreclosure both.
    Since normally these happen only after being many months behind in payments it will have little effect on a already damaged credit report from late pays on this account. ** I have never heard of anyone doing this before they were serously late.
    magjoe2's Avatar
    magjoe2 Posts: 2, Reputation: 1
    New Member
     
    #3

    May 16, 2008, 01:14 PM
    :confused: I've been late on my payments for awhile. It's a warranty deed in lieu of foreclosure. So will it show up on my credit report as a forlosure?

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Special warranty deed and quit claim deed what are they? [ 6 Answers ]

What is the difference bewtween the two and what is the purpose?

Deed in lieu of foreclosure [ 1 Answers ]

I have 2 rental properties in Arizona that are vacant, and a undeveloped piece of commercial land. Can I do a deed in lieu of on all 3 of these properties, since none of them have sold in the last year, or is a foreclosure a better way to go?

Deed in lieu of foreclosure [ 1 Answers ]

We have purchased a home here in Louisiana approx 4 years ago. The home is only 6 years old and has flooded 4 times. These are not only floods with hurricanes but average Louisiana rains. We have drainage issues in the neighborhood that no-one will correct. We have hired attorneys to go after...

Is deed in lieu of foreclosure my only way out [ 1 Answers ]

I was going through nasty divorced when asked by friend if I could help out his house Was being foreclosed on.Agent for bank contacted me who I knew I told him I did not Want to do this. He invited me to restaurant where after few drinks I was handed papers To sign.I told him I did not want to...


View more questions Search