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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Arizona - Looking for Advice on Voluntary Foreclosure Situation Posted by Tom on May 06, 2008 at 6:35 AM In Reply to: Arizona - Looking for Advice on Voluntary Foreclosure Situation posted by Peter K on May 05, 2008 at 9:14 PM Builders go belly up all the time. As you learned they're not the ones to partner with. People seek partners for one reason. They don't have the financial clout to go it alone. This is 98% SoCal board, so few if any people on this board are familiar with laws outside of CA. This is the Christmas season for AZ RE attorneys. You need to keep dialing until you can find a well qualified (operative words) AZ RE atty. It sounds as though you may have set up a LLC. If so, the corporate entity would get a 1099 on the amount of debt forgiven. The deficiency amount is negotiable if you settle, but the corp will still get a 1099 for any unpaid balance. Your accountant can better judge if the entity was insolvent, which could avoid the tax liability. I've as yet seen any creditable info that DIL (if they are any trade or material liens on the property forget about it) affects your credit score any differently than a foreclosure. Friendly foreclosure is a workout term not a legal term (although attorneys use the term), and it still goes through the normal foreclosure channels. The only advantage of a DIL is that it would put the nightmare behind you a few weeks earlier. Follow Ups: Re: Arizona - Looking for Advice on Voluntary Foreclosure Situation Peter K 8:32 AM, 05/06/08 (1) Re: Arizona - Looking for Advice on Voluntary Foreclosure Situation Tom 10:24 AM, 05/09/08 (0) Post a Followup: Name : E-Mail : Subject : Comments: : Builders go belly up all the time. As you learned they're not the ones to partner with. People seek partners for one reason. They don't have the financial clout to go it alone. : This is 98% SoCal board, so few if any people on this board are familiar with laws outside of CA. This is the Christmas season for AZ RE attorneys. You need to keep dialing until you can find a well qualified (operative words) AZ RE atty. : It sounds as though you may have set up a LLC. If so, the corporate entity would get a 1099 on the amount of debt forgiven. The deficiency amount is negotiable if you settle, but the corp will still get a 1099 for any unpaid balance. Your accountant can better judge if the entity was insolvent, which could avoid the tax liability. : I've as yet seen any creditable info that DIL (if they are any trade or material liens on the property forget about it) affects your credit score any differently than a foreclosure. Friendly foreclosure is a workout term not a legal term (although attorneys use the term), and it still goes through the normal foreclosure channels. The only advantage of a DIL is that it would put the nightmare behind you a few weeks earlier. [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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