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    acting's Avatar
    acting Posts: 1, Reputation: 1
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    #1

    Apr 12, 2007, 12:53 PM
    Deeding your house to the back
    How does the deed in lieu process work? If we were to deed our house to the bank to avoid foreclosure and we tried selling it, what would we end up owing on it? How does it show up on credit reports? I don't have money for an attorney to ask these questions too.

    Thank you!
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,304, Reputation: 7692
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    #2

    Apr 12, 2007, 01:11 PM
    If the bank agrees to take it back instead of foreclusure make sure they mean that you will owe nothing after you give them the deed,

    If not then after they sell it you would owe the balance.

    And part of the deal with the bank would be also how it shows up,

    So basically you need to just work out a deal with the bank the best you can.

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