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Documentary Stamps Tax: The Hidden Cost of a Deed in Lieu of Foreclosure
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Foreclosures
Documentary Stamps Tax: The Hidden Cost of a Deed in Lieu of Foreclosure
Posted by: Marlyn Wiener
January 07, 2009
Many owners of property in distress consider a deed in lieu of foreclosure; deeding the property to the mortgage lender. Negotiation of a deed in lieu of foreclosure is a complicated process typically involving the lender's review of the borrower's current financial information, evaluation of the property's fair market value, and investigation into the title to the property to identify any other liens and interests.
