Due to many unforseen situations, I cannot make the payements on my house and want to know if I can turn the property over to the mortgage company? If so, how do I go about dong this?

Hello fes:

There's no correct way. Sell it if you can. They'll take it when they're ready. Until then, maybe you'll get a deal done and save your credit at least.

excon

If you turn the property back to the bank, this is merely a foreclosure that you agree to,

Unless you work out a deal with the bank, that they will accept it as full payment ( and don't expect them to do that)
After you give it back, they sell it, and you still owe the difference.
So you will be worst off than now.

With that, as noted, if you can sell it first it is much better off

Giving it back is one of the worst approaches you can take.

And, most lenders won't take a deed in lieu, for techno-legal reasons.

As mentioned previously, best to at least TRY to get it sold.

Click on my user name and choose Find more posts to get more info on this topic.

In addition to them selling for any price (low) they can get you will also be responsible for all costs, fees and the difference between that total and what you owe. It is a bad idea 99% of the time. Worse case, sell low yourself and avoid the fees.

Your can turn it back, your credit score will drop to 600 , it better than the foreslure and the owing more what the house is worth.

Quote:

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Originally Posted by guilou0875

Your can turn it back, your credit score will drop to 600 , it better than the foreslure and the owing more what the house is worth.

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Wrong.

But you are more than 5 years late, so OP will probably not be harmed by your incorrect advice anyway. :)