2007-03-24 15:13:04 · 8 answers · asked by uly 1 in Business & Finance ➔ Renting & Real Estate
I am not sure exactly what you mean. Are you in the process of foreclosure? Are you in default? Do you know that you are going to be in default?
The best thing that you could do in what ever your case is to be honest and talk directly to the bank or whoever holds your note. Tell them the situatiion. They don't want any extra problems. They will probably be willing to work with you to make things work out for both of you.
2007-03-24 15:22:36 · answer #1 · answered by ttpawpaw 7 · 0⤊ 0⤋
What do you mean by return the house to the bank? If you can't afford to repay the loan, then the bank will need to force-sell the house. You will still be liable for the differences in price if the house is sold lower than the amount still owed. Connect with the bank's manager and seek his/her advice.
2007-03-24 22:18:38 · answer #2 · answered by SGElite 7 · 0⤊ 0⤋
Orlando is correct. I help people facing foreclosure and in my experience banks rather you short sale the property than to return the deed.
Regards
2007-03-25 00:58:03 · answer #3 · answered by Anonymous · 0⤊ 0⤋
If you cant pay the house, try to sell it even if its short, you will be able to negotiate & sell the house & the bank will mkore than likely take less than they owe to not have to bother foreclosing & reselling in 90-120 days. Also this will save ur credit.
2007-03-24 22:21:50 · answer #4 · answered by Principessa 3 · 0⤊ 0⤋
Why? That will kill your credit score. Is it in good shape? put it on the market with a reputable realtor. You would be surprised at what people will pay to rent a house for short term lease. You can do both,rent it and sell it. The new owner probably won't mind someone renting it till they sell theirs and they collect the rent and you are scott free and clear
2007-03-24 22:23:03 · answer #5 · answered by Anonymous · 0⤊ 1⤋
put your house up for sale then the bank gets their money when it's sold
2007-03-24 22:21:36 · answer #6 · answered by josephcodner 2 · 0⤊ 0⤋
I believe you're referring to the term of
DEED-IN-LIEU (OF FORECLOSURE)
A document given by a borrower to a lender, transferring title of the property. Often used to avoid credit-damaging foreclosure procedures. You must tell your lender that you're willing to give deed back. But ultimately, is up to them! It really depends on the equity you have in the home!
2007-03-24 23:25:55 · answer #7 · answered by orlandomortgagebroker 1 · 1⤊ 0⤋
Did you file bankruptsy, just call them, and tell them that you cannot pay your mortgage anymore, or get a second job.
2007-03-24 22:26:52 · answer #8 · answered by fernma 2 · 0⤊ 0⤋