Can you file a quit claim and return your property back to the bank when you owe a morgage

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Icon Mini Profile greeneandgibbens





Joined: 14 Jun 2009

Posts: 1

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Post Posted: Sun Jun 14, 2009 1:43 am    Post subject: Can you file a quit claim and return your property back to t
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My spouse and I have spit ways and can not sell our property and I can not afford to keep it.
Icon Mini Profile savior70





Joined: 25 Mar 2009

Posts: 1895
Location: Florida
261.85 Dollars($)
Post Posted: Mon Jun 15, 2009 4:46 am    Post subject:
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Hi

If you cannot afford to keep the property, you do have a chance to transfer the property to the bank through deed in lieu of foreclosure. This way, the bank will get the ownership of the property and will sell it off to recoup the loan balance. But you cannot simply sign over the title to them through a quitclaim deed. You need to first discuss this option with your lender and get their approval to proceed with the deed in lieu.
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