Deed in lieu of foreclosure for abandoned house

[Kenton McDaniel]

Can you file a deed in lieu of foreclosure on a abandoned house? The owner is deceased,but the daughter is the heir to the house she just doesn't want any part of the house.The house has equity of 500 grand,300 grand in federal Tax liens ,and 300 grand along with property taxes. Is the house worth a shot of a wholesale deal?

[Ron S.]

Originally posted by @Kenton McDaniel:

Can you file a deed in lieu of foreclosure on a abandoned house? The owner is deceased,but the daughter is the heir to the house she just doesn't want any part of the house.The house has equity of 500 grand,300 grand in federal Tax liens ,and 300 grand along with property taxes. Is the house worth a shot of a wholesale deal?

There is no such thing as "Filing a deed in lieu of foreclosure on an abandoned house". That said, if the daughter wants to give the property back to the lender, and if the lender wants to accept her offer, than yes, if the daughter has established herself as a legitimate successor in interest a lender could execute a deed in lieu. That said, no lender in the world would accept a deed in lieu with outstanding liens. They would benefit from foreclosing to wipe out the IRS lien, that would not get wiped out without the foreclosure. I suppose the lender could appeal to the IRS that they accepted a deed in lieu and that the debtor is deceased but if i were the IRS, i'd say, "So...i still have a lien so, you'll have to foreclose and wipe me out after i fail to exercise my lien". 

Are you saying there is $500 grand in equity after the lender's lien, IRS lien, and property tax lien? If so, just gather up those amounts and pay them off and buy the property at foreclosure. Easy...