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    hlsommers's Avatar
    hlsommers Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 23, 2009, 02:39 PM
    Giving house back to bank
    My can no longer make our house payment and we are considering giving our house back to the bank, my question is.. is there just as much involved in just giving your house back or just letting it go in to forcloser
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Feb 23, 2009, 02:56 PM

    First the bank has to want to take it back, they generally don't. And you will still be in the same position as owing the balance on the mortgage.

    Have you looked into the programs offered under the stimulus package?
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Feb 23, 2009, 06:28 PM

    Yes for you to "give " it back the bank has to want it back as noted, and if you can't sell it for the mortgage amount why do you think they can.

    So first have you tried to sell it, even a short sale?

    But in the end, normally the bank will not just take it, they will foreclose
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