Legal Question in Real Estate Law in Florida

Re: Deed in Lieu

NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.

Make sure you get everything in writing. Then, take all of the paperwork to an attorney to review for you. Please understand that if any debt is forgiven they may send you a 1099 and then you have to report the forgiven debt as income on your income taxes.

Scott R. Jay, Esq.

Re: Deed in Lieu

This transaction has to be structured carefully to avoid any part of the mortgages as being unpaid mortgage debt because the irs will treat this as taxable income to you.I did some work on this issue recently for a client.If you would like to retain me send me an e-mail with a phone number I can reach you at to discuss.