How do u go about quit claim deeding your property back to m

darnel56 · Joined: 16 Feb 2008 Posts: 1 1.30 Dollars($)

I need to get out from under my mortgage before I fall behind. I need to know how to give the property back to the bank

larry · Joined: 27 Jun 2007 Posts: 3245 460.30 Dollars($)

Hi Darnel,

Welcome to the forum.

See the bank or lender does not always accept the property back. But I think you should talk to your bank ASAP and inform about your problems.

If they do accept the property back you should try to go for short sale. It will also hurt your credit less than DIL.

Feel free to ask if you have any further questions.

Best of luck,
Larry

heavenhack7 · Joined: 05 Apr 2007 Posts: 73 0.78 Dollars($)

i agree with larry .bank or lender will not always accept the property.

best idea according to me is sell the property .

_________________

Manish Golecha(heavenhack7)

jheard · Posted: Sun Feb 17, 2008 10:55 am Post subject:

The typical procedure to give a property to a mortgage holder to satisfy the mortgage obligation is a "deed-in-lieu".

charlesarmbruster · Posted: Wed Feb 20, 2008 1:05 pm Post subject:

Certainly, speak with the party that wrote your loan in the first place -- either your local bank or the broker. While you may be in a tight situation now, the lender may have alternatives for you. Remember, financial institutions make money while you are still in the contract -- if they can find a way to keep you in that contract, they will.

I do everything I can to refinance clients when they are in tight spots -- otherwise, renting the property may be an option for the time being. GOOD LUCK!!

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