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Old 06-22-2010, 07:59 AM
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Default What is the difference between short sale,
"giving your house back to lender",foreclosure? What is the process for giving your house back to the bank?
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Old 06-22-2010, 10:43 AM
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Deed in lieu of foreclosure. They don't have to foreclose, but rather they take ownership. You want to make sure they are not going to come after you for the difference when they sell the place. Get a lawyer to review any documents regarding such recourse, as well as explain your tax liability of the amount of debt forgiven.
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