Deed in lieu of foreclosure

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In a lot of states, when a Deficiency Judgment is allowed, the lender may sue the homeowner for this loss of funds. Sometimes a lender does not sue, but there is a “1099 with DIL foreclosure” which is an IRS form showing a capital gain on the property. Even though the homeowner does not gain any money, they did not pay the debt thus gaining from the lenders loss. …..

http://www.ethical-foreclosure-solutions.com/deed-in-lieu-of-foreclosure.html 

1099 with DIL foreclosure- one of foreclosure consequences

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