[etbaca]

A friend gifted me a property in California while it was in foreclosure, I made up back payments and now he said it was a "deed in lieu of foreclosure " He said he is going to rescind the contract. There is no contract and am I out of $65,000.00?

[Fr_Chuck]

No, deed inliu of foreclosure is when you deed it back to the bank, not another person.

If he signed a deed over to you, then the propertyis yours, there is no way to just rescind a deed that has been written, signed, and filed with the recorder of deed. So if you actually got the deed,it is yours.

So if you did the deed correctly, tell him to go jump in the lake and not try to cheat and steal from you after you took the property instead of letting it go back to the bank.

** this is not friend

[froggy7]

Of course, there is a possibility that you now owe a very hefty gift tax to the IRS. Although that may be the donor's problem. But someone owes the government money on this.