would it best if I was to send my mortgage company a notarized letter stating I no longer wanted my home?

Question

or should I just let well enough alone. I want to do what is best for my credit. I am truly hoping I can sell it to someone.

Answer 1

You could do a deed in lieu of foreclosure if you are behind in your payments, and can't sell it right away. You can't simply say you don't want your home anymore, because you're still responsible for the payments and if you don't keep making the payments until the house is sold, it will go against your credit.The best thing you can do is to discuss your situation with a representative of your mortgage company.
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Answer 2

Okay...here is how I see this going....

Dear Mortgage Company,

I don't want my house anymore. I understand that I SIGNED A CONTRACT with you stating that I would make my payments on time every month, but that should not be an issue since I am sending you this letter which has been notarized.

I would please ask that you don't hold it against me, and I ask that you don't put any bad marks on my credit, even though I didn't follow through on my end of the deal, which I put my signature on and legally bound myself to the repayment of this mortgage note.

Thank you for understanding and have a great day.

P.S. By the way...could I call you in a year so that I can finance my next home that I may or may not want through you?\ You guys have been great to deal with.


Signed,


Mis-informed Borrower


3 months later....FORECLOSURE.

Please, just put the house on the market and sell the thing. Sorry for the sarcasm, but you had to of known that it was coming.....

Answer 3

Mortgage companies are only the lenders. You are the owner of your home so it's your decision. You need to contact a Real Estated agent to assist you in selling your home. They have their fees, but it's the easiest way to get out of the mortgage, because they'll work to get you best market value. Just make sure your home is clean. Make as many repairs as you can. Painting helps. Just think of it this way everything you do to the house gives it a higher appraisal value. Just insure you have enough to pay off the mortgage after the sale. Myself, I'm with Washington Mutual, great bunch of people.

Answer 4

I just went through a Class on Mortgage Finance and Lending.

It is best if you could sell the house, even if you have to take a little loss.

Best to keep your Credit in good shape.

Try going to
http://www.RealtyLinkDirectory.com or
http://www.DollarBackRealty.com

See if you can find a good realtor who can help you sell the house.

Good luck.

Answer 5

I deal with this on a daily basis. The letter won't do anything for you. You need to see if you can sell it first. If an offer comes lower than what is owed, then you need to see if the lender will accept a short sale. If not,then your only option is to see if they will accept a deed in lieu of foreclosure.

If you're in Southern California, contact me and I will help you out.

Regards

Answer 6

Don't bother with the letter, it won't make any difference in this case.

Your priorities, should be geared towards selling, hopefully for profit, but for the minimum of covering what you still owe on it. DO EVERYTHING in your power to keep it from the foreclosure process beginning.

Answer 7

what exactly do you want to do? have the bank foreclose? that doesn't make sense. sell your house and hopefully make a profit then pay off the mortgage. otherwise, they will foreclose and you will be out and your credit will be screwed up.

Answer 8

Spruce up the house as best you can and put it on the Market !!!
Talk to friends and get a good referral for a Realtor that will really work for you !!
Good Luck

Answer 9

There are companies out there who will buy your house. Just make sure you get as much as you owe.

If you let them foreclose, you still owe the money.

Answer 10

they wont care!!...good luck selling ..if you dont want it, its really your only option!!