[Sis]

Deed in Lieu of Foreclosure Implications in the State of: TXMy husband and I purchased a home in Houston in March 2007 and unfortunately, got relocated to Illinois in September of the same year. We were very lucky and rented our home for a year. Unfortunately, we lost our tenant and have now had the house for sale for over 3 months.We just received a Deed in Lieu of Foreclosure Agreement and we are trying to figure out if this is really the best way out instead of going through foreclosure. Since we don't live there; we haven't been eligible for a refinance and we've been paying taxes on the income from rent so as you can imagine, we would like to dispose of the house in any possible way.Since we were facing foreclosure anyway, a DIL sounds much better but we want to be informed of any potential repercussions in taxes/etc. that might come up in the future. Is it really a "forgiveness" for our mortgage or will it come back to haunt us in the future?Any help would be greatly appreciated!