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-   -   Need to Deed a House back to the bank (https://www.askmehelpdesk.com/showthread.php?t=31616)

  • Aug 14, 2006, 08:31 AM
    ttarzan
    Need to Deed a House back to the bank
    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 do something and quick. We have heard about deeding the mortgage back to the mortgage company but I have no idea how it works and if it is even worth the effort let alone where to start. We have excellent credit and do not want to lose it but we are not sure how to "get rid" of the mortgage without going through bankruptcy or forcloser. Anyone out there know what I should do next?

    Thank you
  • Aug 14, 2006, 02:41 PM
    CaptainForest
    If your property is not selling, have you asked yourself why?

    Does your home look presentable?

    Are you asking too much for it?

    Try to fix the home up, perhaps lower the price.

    There has to be an underlying reason why the home is not selling.
  • Aug 14, 2006, 07:47 PM
    Fr_Chuck
    There is always a reason a house will not sell,

    As captian said, how is the outside, is the landscapeing good, is there any odd colors that you may like but a buyer may not.

    If the land scapeing as good as others in the area or even a little better.

    Repaint most of the inside of the house, it cleans it up and makes a big difference.

    Get rid of excess funiture in the house, if there is no funiture in the house, get some, a home always sells for more if it is proeperly staged.

    If you have pets in the hosue get them out. Look at the fixtures on the sink and bathroom, are they shinning bright, if not, they have to.

    I will assume that you owe more than it is worth possiblly, if not merely lower the selling price.

    But you can't just deed a thing back to the bank, you have to contact the bank and work out a deal for them to do it.
    Normally they don't want it back, they want you to pay, and if they take it back, they sell it for what they can get, and then sue you for the balance. Very seldom will they ever take it back and just call it even.

    If MI allows, sell it on contract for deed, or rent it out for the payment amount ( either of these has risks that the people will tear it up and you will be worst off)
  • Oct 6, 2006, 08:17 AM
    unsellablehouse
    :mad:
    Quote:

    Originally Posted by CaptainForest
    If your property is not selling, have you asked yourself why?

    Does your home look presentable?

    Are you asking too much for it?

    Try to fix the home up, perhaps lower the price.

    There has to be an underlying reason why the home is not selling.


    Michigan has a bad market all around, its not the house, it's the fact that everyone wants out because of the economy.
    Do to that last comment that is why no one is buying
  • Oct 6, 2006, 10:13 AM
    ScottGem
    One creative way that people have used is a raffle. People pay a small amount for a chance at getting the property, but the total amount of chances is enough to pay off the house.
  • Oct 6, 2006, 08:38 PM
    Dr D
    I assume that you are willing to sell the property with $0 proceeds to you, and it remains unsold. If that is the situation, it is not a good one for either you or the bank/mtg co. Contact the Loss Mitigation department of the lender to discuss your options. A Deed in Lieu of Foreclosure would do bad things to your credit, and the lender is under no obligation to accept such an offer. Another option might be a "Short Sale". Once you have received an offer to purchase the property, the lender might agree to settle for less than the pay-off balance of the mortgage. That option would also have an adverse affect on your credit. If funds permit, the solution that would not damage your credit would be to take money from your pocket to make a sale possible. None of these options are pleasant, but I believe that they are the only ones available

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