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Your credit score may drop by a range of 50 to 125 points after a deed in lieu of foreclosure, depending on where it stood before the deed in lieu, ing to FICO data. The impact is slightly less severe than a foreclosure filing, though, which may drop your credit score by as many as 160 points.

Disadvantages to Lender A lender should also hesitate before accepting a lieu deed where there are outstanding subordinate liens or judgments against the property. In such a situation, the lender will have to foreclose its mortgage, with the attendant expense and time involved to obtain clear title.

A deed in lieu might make sense for you if: ? You're already behind on your mortgage payments or expect to fall behind in the near future. ? You're facing a long-term financial hardship. ? You're underwater on your mortgage (meaning that your loan balance is higher than the home's value).

inlieu of foreclosure is an arrangement where you voluntarily turn over ownership of your home to the lender to avoid the foreclosure process.

7% sales tax on gross income for residential construction. No sales tax or use tax on purchases of component materials and services.

Mississippi sales tax law imposes a 3.5% contractor's tax on all non-residential construction activities when the total contract price or compensation exceeds $10,000.