Deed In Lieu Of Forclosure
If I want out of the property, what would be most beneficial and less costly for me? Forclosure, BK or deed in lieu? Not sure. What are the tax ramifications?
If I want out of the property, what would be most beneficial and less costly for me? Forclosure, BK or deed in lieu? Not sure. What are the tax ramifications?
check how deed in lieu may vary from state to state.
We probably need a lot more information to answer the question. Tell us about the property, etc., God, as they say, is in the details.
Or is this just a theoretical question? In that case the deed in lieu is the simplest and the least damage to you credit report. Unfortuantey it doesn't necessarily preclude any of the others if the bank decides to chase you for their shortfall if there is any.
Even easier is dumping it off to an investor with at quit claim.
Vacant land in Beverly Glen/ Bel Air area of Los Angeles. 1/4 acre, zoned for residential. Can't afford payment anymore. Need to find fastest way to get rid of the land.
I used to live in Westwood, and that's a very hot area.
It seems that you should be able to sell it.
what's the cost v. the retail value?
Unless it was way over priced when it was sold, vacent land is very tough to come by and earns a premium.
Have you looking at a JV and developing it?