Legal Question in Credit and Debt Law in Michigan
Deed in Lieu of foreclosure
if i have a manufactured home (which i believe is a different type of mortgage) and i want to offer my lendor a DIL, after acceptance, can they still pursue a deficency claim against me?
Asked on 2/07/08, 10:42 am
1 Answer from Attorneys
Stuart Collis
Collis, Griffor & Hendra, PC
Re: Deed in Lieu of foreclosure
Yes; however, if they write it off or 1099 you, under a recently passed tax law by Congress, you would not have to report it as income.
Answered on 2/07/08, 2:07 pm