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nexuslight · Joined: 30 Jul 2009 Posts: 3 2.05 Dollars($)

I want just to return my house to Wells Fargo Bank the Mortgage company. They refuse to take it back and they ask financial informatin and they tell me I should try to sell it, But in Costa mesa the price of $370000 has dropped to $120000 dollars, how can i return my house it is called" House in Leiu";
Isn't mortgage spposed to be Secured by the House ? and how can I return the Keys to the Bank!

sara · Posted: Sat Aug 01, 2009 3:12 am Post subject:

Hi nexuslight,

A mortgage is always secured by a property. You cannot simply return the keys of your property to the lender. You'll have to apply for a deed in lieu with your lender. If the lender accepts your offer, then only you would be able to transfer the property to your lender. The lender would then sell off the property and try to recover the dues. As far as the balance amount is concerned, the lender would forgive that amount. However, a deed in lieu of foreclosure would reduce your credit score by around 250 points.

Take care.

Guest

I don't understand ,if I lose 250 on my credit score because of deed in lieu, how much I lose for foreclusure? and what do you suggest not pay the Bank for 12 months and let it go foreclosure of a run down house? after so much cost for bank to foreclose or jus giving te back the Security, my house, with no fight! if I go bankrupt I lose less points and get it over with!
Why Banks would not like to accept their security without any fight now?

adonis · Posted: Sun Aug 02, 2009 10:43 pm Post subject:

Hi al,

You'll lose around 200-250 points if you foreclose your property. As far as bankruptcy is concerned, it will remain in your credit report for 8-10 years though you would lose around 200 points from your credit report. Moreover, lenders will not be ready to give you a loan easily if you've a bankruptcy on your credit report. Banks would first check if you have the ability to pay off the mortgage dues or not. If not, then only, they would accept a deed in lieu.

Guest

house is underwater credit score 710 2 months behind on payment can not refin and hsbc will not do loan modifaction the house is more space then we need the kids r gone now and just can not afford the $3011 payment

jameshogg · Posted: Tue Aug 24, 2010 11:06 pm Post subject:

Hi randy,

You can contact your lender and try to sell it off through a deed in lieu of foreclosure. This will not only help you in getting rid of the property, you won't be liable for paying the deficient balance resulting from the sale of the property. However, this will lower your credit score by 250 points and you won't be able to get a mortgage within the next 3-4 years.

Thanks

Guest

we cannot no longer afford the payments on our mobile home that is located in a trailer park. we have to return the home to the mortgage company. we do not live in it any longer. how do i go about this?
thanks.

smithsussane · Posted: Mon Oct 11, 2010 10:29 pm Post subject:

Hi Jeanie!

Welcome to forums!

You can contact the lender and inform him about your financial situation and surrender the property to him by signing a quit claim deed. The lender may short sale the property in order to recover the dues. If there is a balance amount resulting from the property sale, then you will have to pay it back.

Feel free to ask if you've further queries.

Sussane

Guest

if you can not pay the mortgage and you do the quit claim deed, how can they exspect you to be able to pay the balance of a short sell

jameshogg · Posted: Tue Oct 19, 2010 10:08 pm Post subject:

Hi julia,

Quitclaim deed does not release a person from the liability of paying off the mortgage dues. It only removes a person from property deed. Thus, whether or not you can pay the dues, the lender has the rights to come after you for the payments.

Thanks

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Can I return my HOUSE IN LEIU of Foreclosure