Posted on: 14th Jun, 2009 01:43 am
My spouse and I have spit ways and can not sell our property and I can not afford to keep it.
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.
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.