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#460665 - 02/16/18 01:26 PM Deed in Lieu of Foreclosure
AML Offline
Member

Registered: 02/02/08
Posts: 155
Loc: Atlanta, GA
My neighbor is under water on his home and has several tax liens and one judgement on his home. He asked his lender if he could do a deed in lieu of foreclosure and to my surprise the lender approved it.

Question what happens to the tax liens and the judgement since the lender has not foreclosed on this property?

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#460666 - 02/16/18 02:58 PM Re: Deed in Lieu of Foreclosure [Re: AML]
OverTheEdge Offline
Veteran Member

Registered: 08/24/08
Posts: 1025
Loc: Middle of Ohio
It has been my experience that a deed in lieu means the lender takes it back with all the liens and judgements. When it is transferred from the former owner back to the lender, the lender pays off all of the liens and then sells the property. Depending on your market and the value of the property, they either make money, break even or loose. Since they didn't have to foreclose, they saved costs and possession is given to them with no real hassle. Our foreclosure properties here can sit vacant for a very long time which means more potential for damage, code violations and vandalism.
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"No cause is lost as long as there is one fool left to pursue it". Wil Turner

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