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.

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Answered on 2/07/08, 2:07 pm


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