Deed In Lieu of Foreclosure with Aurora Loan Services-Need Advice

[Joel Fraser]

I am currently waiting to hear whether I am approved for a deed in lieu from ALS. I submitted my packet on 8/15 and was told I will have an answer by 9/15. My situation is that I bought a condo in FL for 200,000 and there are 18 forclosures going on in the community and the lender has only sold 100 units with 140 being rented out. He is currently renting 2/2 condos for half of my $1600 mortgage/taxes/HOA fees. So my father and grandfather are both having major orthopedic surgeries OCt 6 and 23 respectively and my mother needs help taking care of both of them up in NH. I am a physical therapista nd feel it is my obligationto help her and them out. I can't afford to rent this unit and rent up north since mygrandparents live with my parents and I cant stay there. I have been trying to do a short sale for 8 months now with no interest and there are units in here priced at 70-90,000 on a short sale that arent selling. I am not late on my payments but i have no money in the bank and I really need to get out of this condo and get up to help my family so I am hoping they can agree based on my hardship letter. Has anyone had a deed in lieu approved by ALS or any other lender recently? What type of hit can I expect on my credit? How soon after will i be able to buy? Will I be taxed on the forgiven debt? I live in FL will they serve me a deficiency usdgement? All and any information is much appreciated.thanks,MB