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

    Aug 14, 2006, 08:31 AM
    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
    CaptainForest's Avatar
    CaptainForest Posts: 3,645, Reputation: 393
    Ultra Member
     
    #2

    Aug 14, 2006, 02:41 PM
    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.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,302, Reputation: 7692
    Expert
     
    #3

    Aug 14, 2006, 07:47 PM
    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)
    unsellablehouse's Avatar
    unsellablehouse Posts: 1, Reputation: 1
    New Member
     
    #4

    Oct 6, 2006, 08:17 AM
    :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
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #5

    Oct 6, 2006, 10:13 AM
    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.
    Dr D's Avatar
    Dr D Posts: 698, Reputation: 127
    Senior Member
     
    #6

    Oct 6, 2006, 08:38 PM
    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

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!

Low cold water pressure in 2 showers... Not back to back config however [ 8 Answers ]

My home is 16 years old, I've had it for 5 years. I am on a pump - with 70LBS high cutoff and 55lbs Low turn on. All copper - I have 2 Delta 1600 shower faucets - one tub spicket with shower diverter - one shower only. The tub/shower combo has allways had only a trickle of cold water and...

How to add spouses name to deed on house... [ 4 Answers ]

I need to know how to go about adding my name to the deed of our house. Who would I see... realtor, title company... and what forms do we need to fill out?

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?

Anonymity on House Deed/Public Records? [ 2 Answers ]

Can anyone tell me if it's possible to not have my name on my house deed because it is a public record and can be looked up easily by surnames? (this is for personal safety concerns) Would purchasing the home in the name of a Trust or LLC work? Any other ideas? Thank you for your help. ...

Deed [ 1 Answers ]

My question is: I bought a house about 6 years ago when I was a single mom. Recently I got married and have NOT put my husbands name on the deed. Now my question is, if I decide to divorce him does he have any rights to my house?


View more questions Search