I am interested in knowing what penalties are involved in foreclosure, and or deeding my house to the bank. I must do one or the other. DiO I have to be deliquent to do either? Please let me know as soon as possible. Thank you for your time and trouble. I live in Florida.

1. You do not foreclose the bank does that after you don't pay them for 4 to 6 months normally.

2. giving the deed back, *deed in lieu of foreclosure* is totallay up to the bank, they do not have to accept it if they don't want to, while you can ask them, often they will not do that either unless you are again 4 or more months late, and only after you have put it on the market and tried to sell it first for so many months ( each bank will have their own rules)

Neither is a good choice, trying to sell it, even a short sale, ( sell it for less than is owed on it) and see if the bank will accept a short sale. Or better sell it for what is owed on it