Ask Experts Questions for FREE Help !
Ask
    snydert's Avatar
    snydert Posts: 2, Reputation: 1
    New Member
    		  
    #1

    May 23, 2007, 06:32 AM
    Deeding your house back to bank
    Is deeding your house back to the bank the same as a foreclosure?
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #2

    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's Avatar
    snydert Posts: 2, Reputation: 1
    New Member
    		  
    #3

    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's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #4

    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?
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Deeding your house to the back [ 1 Answers ]

How does the deed in lieu process work? If we were to deed our house to the bank to avoid foreclosure and we tried selling it, what would we end up owing on it? How does it show up on credit reports? I don't have money for an attorney to ask these questions too. Thank you!

Voluntary giving your house back to the bank [ 2 Answers ]

I would like to know the nature of voluntary repo of a home. Can you let me know what would happen if I can no longer afford my mortgage and opt not to refinance because the mortgage would still be too high since I've had a death in family 5 months ago and I no longer have any assistance with my...

Need to Deed a House back to the bank [ 5 Answers ]

I currently own 2 properties and I need to sell one of them. It is a condo in Howell MI. We have tired everything to try and sell the property from paying closing costs to increasing the commission for the agents selling or buying the property. We have run out of ideas and money and now we need to...

Deeding back property/foreclosure [ 1 Answers ]

:confused: I purchased a condo 1yr ago and recently had a disaster clean up crew in due to extreme flooding from cracks in the foundations and raingutters in stalled in correctly etc. The basement is destroyed , l lost 1100 sq ft carpenting ,paneling . Est. to repair $20.000 + Condo assoc....

Deeding your home back to the bank [ 9 Answers ]

If a senior citizen is forced to deed his/her house back to the bank, will that affect the senior citizen's credit rating?

View more questions Search