i have bit off more than I can chew with my mortgage and I have tried to sustain for 2 years, but it is kicking my tail...
2007-06-14 06:09:48 · 7 answers · asked by jb 2 in Business & Finance ➔ Renting & Real Estate
There is a process that you can give your home back to the bank without it reporting as a foreclosure. It is called a deed in lieu of foreclosure. See the link in the sources for more information about this.
2007-06-14 06:36:45 · answer #1 · answered by dzwreck 4 · 0⤊ 0⤋
Unless you sell your house and retire the mortgage in full, some sort of negative report will appear in your credit file. You can possibly talk to the bank about a 'short sale', in which you sell the house for as much as you can, the bank removes the lien, and you end up responsible for the deficient amount.
You should contact the lender to discuss your options.
2007-06-14 06:56:42 · answer #2 · answered by acermill 7 · 0⤊ 0⤋
If you are behind in the payments you can talk to the bank about them taking it back. There is a name for it but I can't think of it at the moment. In any case I don't think they will talk to you unless you are in arrears. Obviously you owe more than you think the house will sell for or you wouldn't be asking this. Unfortunately there are lots and lots of people in that boat today due to the easy mortgages for the last few years and now the plunging prices.
2007-06-14 06:13:41 · answer #3 · answered by Moondog 7 · 0⤊ 0⤋
The bank doesn't want your house. Otherwise they would keep the foreclosed properties and get into the rental market.
You would have to try and sell your house so that you can pay off the loan.
2007-06-14 06:12:30 · answer #4 · answered by Tim 7 · 0⤊ 0⤋
Banks do not buy houses. They are not in the real estate business. You need to sell it to a regular buyer or an investor.
2007-06-14 06:14:47 · answer #5 · answered by Elsa D 6 · 0⤊ 0⤋
Just pay it off.
2007-06-18 01:25:34 · answer #6 · answered by Anonymous · 0⤊ 0⤋
idk is it
2007-06-14 06:11:36 · answer #7 · answered by Anonymous · 0⤊ 0⤋