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    rogue182's Avatar
    rogue182 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 25, 2008, 03:20 PM
    Can I give my house back to the bank?
    I want to get out from under an investment property. I owe way less than what the house is worth (I think). Can I do this in Oregon?
    N0help4u's Avatar
    N0help4u Posts: 19,823, Reputation: 2035
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    #2

    Apr 25, 2008, 03:25 PM
    Even if you give it back and they turn around and sell it they can come after you for the difference plus expenses. For example, say it is worth $30, and they auction it off for $22,
    They will go after you for the $7, plus any fees and charges they tack on to that.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #3

    Apr 25, 2008, 04:22 PM
    You can contact the bank and ask them if they will take the house back in what is called deed in leu of foreclosure. That is where they take the deed back as paymnet in full. It very seldom happens, but you can ask.

    In the other way, it is merely a friendly foreclosure and the terms of your loan will state what can be done.

    Why not merely sell it, if it really is worth more than the loan.
    Loan_Guy's Avatar
    Loan_Guy Posts: 83, Reputation: 6
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    #4

    Apr 27, 2008, 09:14 PM
    Another option may be a short sale. The best thing to do would be to call several real estate offices in your area and "interview" the agents. You want someone who does a lot of short sales.

    Depending on where you live, "a lot" could be anywhere from 5 to 50 short sales this year.

    Wish you luck!

    LG
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