Use this first tuesday FARM Letter Info-Flyer with your existing clients to provide a clear, published answer to their frequently asked questions. To request a FARM letter or Info-Flyer topic, or to see a list of all our FARM templates, visit our FARM Letter page.
This flyer is very misleading and legally incorrect. A deed in lieu does not necessarily extinguish the underlying debt. Moreover, even if the debt is extinguished, the tax consequences can be different than in a foreclosure or short sale. No borrower should ever give a deed in lieu without advice of an experienced attorney. Real estate licensees put themselves at serious risk by advising in this area.
William,
Thank you for your feedback! These Client Q&As are designed to provide a concise synopsis of basic real estate questions commonly posed by buyers and sellers, and are not intended to replace the counsel of a licensed professional.
Regards,
ft Editorial