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

My spouse and I have spit ways and can not sell our property and I can not afford to keep it.

savior70's picture
savior70 | Joined: March 25, 2009 05:14 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Fri, 02/05/2016 - 01:41 | Post subject:

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