Which is the best option to dispose an upside down investment property? & legal & tax consequense of each

Asked by George, California Wed Mar 11, 2009

Which is the best option to dispose an upside down investment property? & legal & tax consequense of each one?
This property has a non-recourse purchase loan.
1. Deed in Lieu of froeclosure? Will one get a 1099 also?
2. Short Sale and
3. Foreclosure.
Also, if one has decided not to keep this property anymore, would Deed in Lieu of foreclosure be the quickest way to give property back to lender & save accrured interest & foreclosure expenses?
Please kindly advise, Thanks

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