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I have a similar situation. My client is about to sign a…

Customer Question
I have a similar...

I have a similar situation. My client is about to sign a Deed in Lieu and then I read this right now her DIL reads as :The parties hereto agree that this Deed is delivered in lieu of foreclosure, and that the
consideration for this Deed is the release of Grantor’s personal obligation to repay the balance due
under the note secured by that Deed of Trust in the amount of $158,255.89 which sum, together with
accrued interest and all other allowable charges, continues to be secured by a Deed of Trust on the
Property.

Lawyer's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Not sure but need help asap

Submitted: 6 months ago.Category: Real Estate Law
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Customer reply replied 6 months ago
https://www.justanswer.com/tax/4lzp5-hi-question-respect-deed-lieu-foreclosure.html I tried to add this link, I am asking if my clients wording in the DIL will have the same results as the client in this answer.
Customer reply replied 6 months ago
They are closing in 15 minutes. I need to know if I should have the DIL reworded somehow to reduce tax liability. If I undersatnd correctly if it is a sale and no 1099a or 1099c is sent out then the liability is reduced considerably.
Answered in 17 minutes by:
12/19/2017
Real Estate Lawyer: Lori, Lawyer replied 6 months ago
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,069
Experience: Real Estate Attorney with over 25 years experience
Verified

The bank can still issue a 1099 after accepting a DIL. the DIL should also state that it is the "full satisfaction and release" of Grantor's personal obligation to repay.....

Hope that helps.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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