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Cape Gazette
Lewes, Delaware
Jim's Towing Service
February 24, 2006     Cape Gazette
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February 24, 2006
 

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48 - CAPE GAZETTE - Friday, Feb. 24 - Monday, Feb. 27, 2006 House Calls Continued from page 46 We have spoken to a couple of real estate agents, and they are not optimistic about selling for a price that will completely pay off the mortgages. I have read about title or deed in lieu of foreclosure. Can you tell me what is involved? Is this something we can do with just the mortgage lender, or do we need to contact a real estate attorney? Is this as bad on our credit as letting the lender foreclose? - S.B. Dear S.B.: Under some circumstances a lender will agree to simply take the proper- ty and cancel the debt. That's a deed in lieu of foreclosure, and it'd be great if you, or your lawyer, could talk them into it. Under some circumstances, lenders will agree to settle for whatever you get if you sell the place yourselves - a short sale. The IRS, though, regards the forgiven portion of the debt as taxable income to you - money you once received and never paid back. But at least you avoid foreclosure, which can sometimes leave you burdened with a deficiency judgment if the public sale does- n't yield enough to cover the debt. Either solution will probably show up on your credit record but won't do nearly as much damage as foreclosure would Your big hurdle will be persuading the lending institution to agree to any of this. It's up to them. Contact the mortgage company, or have a lawyer do it for you, and discuss your situation with someone in their work- out department. They may have other help- ful suggestions. The Beach Is So Close, ur Suit Will Still Be00', WhenYou Get Home. f f FHomes, one of the premier builders in the Washington, area is bringing its "award-winning" style and extraordinary craftsmanship to Sawgrass at White Oak Creek. located just 1 mile from Route 1 in downtown ,both Beach and across from Old Landing Golf Course and Bay, the Equity Homes signature will be apparent. Luxurious owner's suites on the first floog beautiful island kitchens, porches, even verandas and sunrooms if you choose. High open floor plans, unique elevations. These are all hallmarks of Equity Homes' you'll find in this close- in, gated community. Visit at www.equityhomes.com to be among the first to be con this very unique Rehoboth Beach opportunity. From the $600s. SOON TO MILTON: Overlook IN REHOBOTH BEACH www.equityhomes.com