I am trying to get info on surrendering my home. I am not in foreclosure as of yet. But my income has decreased dramaticaly. I am trying to surrender instead of foreclosure in hopes that it does not hurt my credit.
2006-07-05 12:23:20 · 9 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
Please feel free to contact me @ kdramir061897@bellsouth.net
2006-07-05 12:24:53 · update #1
Surrender in lieu of foreclosure WILL hit your credit hard and you may still have a shortfall to make up once they auction it off and pile on their fees. It's not as bad as a conventional foreclosure but only by a small matter of degree.
Obviously you should shoot for a sale unless you are seriously upside-down (owe more than current market value) on the note. If you can't get enough on a sale to clear the note, you might look into a short sale where the bank takes a partial write-off on the outstanding debt to clear the title for the buyer.
At any rate, check with the bank and see what they might be willing to do. Also consult with an attorney before committing to anything, if only to know what you're going to be up against.
2006-07-05 13:01:13 · answer #1 · answered by Bostonian In MO 7 · 0⤊ 0⤋
You surrender your property back to the bank by signing a deed in lieu of foreclosure. This means instead of the bank foreclosing (forcing the sale of the house) you transfer ownership to the bank. If you are not in foreclosure yet, then I advise you not to surrender the deed to the bank. I understand your income has decreased dramatically, so your first option is to sell the house. I buy houses and maybe I can make you an acceptable offer.
2006-07-05 16:28:04 · answer #2 · answered by Superman P 2 · 0⤊ 0⤋
I am afraid that you are going to fighting a win-less battle. Fact of the matter is, is that you cannot come through on your end of the mortgage agreement. At closing, you signed a contract that binds you and whoever else is on the mortgage, to make payments every month until the final payment is made. Unfortunately, this is going to be considered a foreclosure no matter what.
What you may want to look into is a real estate investor who will come in and buy your property. There are some stipulations here, but they will at leas have the capital to buy you out in cash and close rather quickly.
Do a search on the internet for real estate investor, or cash for your home, or something along that lines and look for companies that claim that they will buy your home. I am sure if you just take a drive around town you will see a sign somewhere that says "Cash for Your HOme"!!!
You need to do this as soon as possible, like right now. You absolutely DO NOT want a foreclosure on your credit record. No, it will not haunt you forever, but it will be a nightmare for a very long time.
If you have any other questions about this, or you would like me to refer you to someone whom I know that can help you, then please contact me at timothy.kazee@americanhm .com and I would be more than happy to help you out with this.
Good Luck!!!
2006-07-05 13:32:31 · answer #3 · answered by Kaz 3 · 0⤊ 0⤋
Most lenders will not accept a deed in lieu of foreclosure any more. They prefer to foreclose so they can get a clear title.
Your best options are to sell, get another job, or see if the bank will refinance to get lower payments.
2006-07-05 13:40:15 · answer #4 · answered by jimmy dean 3 · 0⤊ 0⤋
Really think about giving the bank the house back is not a good choice.You will still be resposible for the mortgage.There are alot of options available.What state are you in? You can sell the house,rent it,have someone assume it.Or work with a Real Estate Investor that can help you my web site is www.foreclosureavoidance.wsYou can still save your credit regardless of your situation.
Good Luck...
2006-07-05 14:17:23 · answer #5 · answered by innovativeinvest@sbcglobal.net 2 · 0⤊ 0⤋
Your best bet is to call your lender and tell them that your financial situation has changed and see if they can lower your mortgage payment or give you a few months to find a new job.
If you're in Southern California, contact me and I'll come to you and see what your situation is and offer your options free of charge.
Regards
2006-07-05 21:02:06 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Only way to surrender is if you find a buyer and hope you sell it for the amount you owe to the bank.
2006-07-05 13:09:20 · answer #7 · answered by Sweetness 2 · 0⤊ 0⤋
your credit is ALREADY damaged if you are at this stage of surrendering home
contact your mortgage company for correct answers
2006-07-05 12:25:45 · answer #8 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋