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