I hope this answered your question! If you have any further questions, please feel free to contact me by the ways below.
Wishing you all the best,
De Vonte Williamson , LSA
Proudly Serving Long Island
Coldwell Banker Residential
"I Stand Behind Getting You Results!
I think your friend should consult with an attorney on the merits of the sale. Without knowing all the circumstances I dont want to get to deep into the situation. However if there was only a $75,000 balance your friend should have let the bank know that he or she was going to sell it and they would not have pressed the deed in Lieu and your friend would have made something after the bank charged its late fees and missed mortgage payments and typical closing costs. Again it all depends on how long they were in foreclosure and the pertinent circumsatnces surrounding their finances and their reasons for the non payment of their loan. It seems as though something is not right with this because if the house was worth more than was owed it would seem a sale was the right thing to do or at minimum a refinace if your friend qualified. Lots of questions need to be answered. Good luck.