Can you sign your home over to your lender if you need to get out of it quick?

Question

Our home in FL has sinkhole activity. We moved out of state and no longer live in the house. The monthly payment is killing us and waiting on the insurance company has been drawn out. They have decided to fix it, which could be another few months. We can't wait that long. So is signing the house over to the lender an option. How can we get rid of it fast. We are not looking to make any money, just cover what we owe.

HELP!

Answer 1

you can. but if the lender sells the house for less then what you owe, then you will still be responsible for the balance.

Answer 2

You have to call the lender. That has to be a joint decision.