Deeding your house back to bank

snydert · #1 May 23, 2007, 06:32 AM

Is deeding your house back to the bank the same as a foreclosure?

ballengerb1 · May 23, 2007, 06:40 AM

Not the same at all. What other agreements were made between you and the bank? Did they agree to totally terminate your mortgage?

snydert · May 23, 2007, 06:58 AM

We have agreed to set it up for a short sale option and they are going to send me the paperwork to sign and send back. We are working with a realtor right now to sell the house and hopefully for at least what we owe on it. We will have 90 days to sell the house otherwise they told me that they could deed the house back to the them so I wasn't sure if that was the same as a foreclosure.

ballengerb1 · May 23, 2007, 07:03 AM

Realtors are fine people but do not rely on them for legal advice, they can only give an opinion. Have your lawyer review all paperwork before you sign anything. You need to address what they will do if you deed back to them. Will that statisfy the mortgage or will you still owe any difference between the mortgage and the selling price?



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