Greg

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What is the law in AZ for a deed in lieu of foreclosure? For a defeciency?

Asked Thu Mar 27 2008, 15:43 by Dave Grant - 85739 - Foreclosure - 6 answers

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From Greg-- about my deed in lieu of --- I live in Tucson now 2 years ago the deed in lieu of was for a house in Ohio.. I had thought maybe a fore-warning would apply as what I thought was going to happen according to the note holder was misleading as well as all the papers I signed. should have had an attorney as you say I agree. Thought I could trust what was discussed several times on the phone as papers had way too much jargon that really doesn't make sense to even the best of us. - Sat Apr 12 2008, 20:27

To make a long story abbrev. after 3 months of trying to sell my house I went thru a deed in lieu of foreclosure with my mortgage holder and was even current on my payments since I had already relocated. Thought it would be better than having them go thru a reg. foreclosure. It hit the credit report exactly the same as a foreclosure as far as trying to go thru new mortgage options and scores the same on the FICO. Was sent IRS forms about the forgiven debt that will noe be taxed also. On the difference they received on the resale. ( still will go thru a sheriff sale). - Tue Apr 1 2008, 06:48

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