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If I do a Deed in Lieu of Foreclosure on my upside down condo can I buy it back with my Self-direct IRA money ?

I know if I open a Self-Directed IRA and roll my existing IRA money into it, I can instruct my trustee to buy real estate that I don’t live in. I lived in it for 2 years, but it’s been rented now for 6 months. So it’s considered investment property. I want to pay off the mortgage completely with money in my self directed IRA.

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This entry was posted on Saturday, July 31st, 2010 at 11:19 pm and is filed under Self-Directed IRA. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “If I do a Deed in Lieu of Foreclosure on my upside down condo can I buy it back with my Self-direct IRA money ?”

  1. t D Says:
    July 31st, 2010 at 11:19 pm

    Call your lender to find out what their requirements are to accept a Deed in Lieu. You will likely find they require a whole lot of asset verification.

    Check with an attorney by contacting your local bar association if you require legal advice.

    http://www.foreclosure-fight.com

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