Can I give my house back to the bank?

rogue182 · #1 Apr 25, 2008, 02:20 PM

I want to get out from under an investment property. I owe way less than what the house is worth (I think). Can I do this in Oregon?

N0help4u · Apr 25, 2008, 02:25 PM

Even if you give it back and they turn around and sell it they can come after you for the difference plus expenses. For example, say it is worth $30, and they auction it off for $22,
they will go after you for the $7, plus any fees and charges they tack on to that.

Loan_Guy · Apr 27, 2008, 08:14 PM

Another option may be a short sale. The best thing to do would be to call several real estate offices in your area and "interview" the agents. You want someone who does a lot of short sales.

Depending on where you live, "a lot" could be anywhere from 5 to 50 short sales this year.

Wish you luck!

LG



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