Registry Foreclosure
Deed in lieu of foreclosure -discharge?
Hello,
I had an investment property that I successfully negotiated a deed in lieu of foreclosure with the bank. I just looked up online on the registry of deeds to make sure the quit claim deed was recorded and the transfer happened. It did. They also recorded it as DIS which I am assuming is discharge. Do you know if this prevents the bank for coming after any debt now? How will this impact my credit score? Will I get a 1099 with a discharge of debt?
Yes, you will receive a 1099, you have to pay income tax on the money you decided to keep.
No, they are writing off their loss and reporting it as income you received, nothing more will happen.
You credit should have been hit for roughly 250 points.
Foreclosure registry
|
|
Setting the record straight on MERS: the foreclosure crisis ignited a media firestorm around the legitimacy of an electronic registry built by the … An article from: Mortgage Banking $9.95 This digital document is an article from Mortgage Banking, published by Mortgage Bankers Association of America on May 1, 2011. The length of the article is 4471 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.Citation DetailsTitle: Setting the record st… |
