Can one negotiate a surrender of their home to the bank instead of continuing to pay their mortgage?
Answers:
TJ... to be blunt.. even IF you surrender the home to the bank.. it's still a foreclosure on your credit...
as another poster said.. the bank has no interest in owning property... it honestly looks bad on their books.
Your best bet.. rent it out if at all possible.. put it on the market for sale with a good real estate agent or broker... OR find a real estate person to buy it from you.
Banks do not want to own property. They would likely tell you it's your problem . . . until it's their problem! They really have no interest in owning houses though. It nothing but a pain in the butt!
Depends on the location. Where is the property located?
If you pursue this path they will regard it as a foreclosure. You may want to just call a company like HomeVestors who will buy the house from you for basically what you owe on it. Here is info on them:
http://www.homevestors.com/
MAKE SURE you are clear about the whole deal ..as far as I know these folks are OK, BUT there are also a lot of scammers out there that will "buy" the house from you by making you sign a "quit claim deed" and then suck off the equity and leave you to take the foreclosure hit.. have an attorney read over anything you sign to be sure you will be OK..it will be worth the few dollars you have to spend for the attorneys help..
The answers post by the user, for information only, BAnswer.com does not guarantee the right.
More Related Questions and Answers...