Surrendering an under water property to the bank

Question: What’s the procedure to hand over an under water real estate mortgaged property to the bank?  I have an interest only mortgage that is up-to-date.

Response: Contact the bank and tell them you are interested in doing a deed-in-lieu of foreclosure.  Let the bank know that you are having a difficult time paying your mortgage and that you would like to surrender your property to the bank.  It is most likely that the bank will first ask you to list it for sale and see if you could receive a short sale offer. If you are unable to sell it, then the bank is likely to accept the deed-in-lieu, as long as there are no tenants living on the premises that the bank would then have to evict.

In the legal blog, Attorney Svetlana Kaplun addresses typical questions our firm has received from our clients, or come across from homeowners related to foreclosure, foreclosure defense, loan modification and bankruptcy topics.

The information contained in the legal blog of Attorney Svetlana Kaplun is for informational purposes only, and should not be construed as a legal advice on any subject matter. Please read our full disclaimer or contact the Law Office of Svetlana Kaplun, P.C. by telephone at 718-444-1115 for more information. Copyright © 2013 Law Office of Svetlana Kaplun, P.C.

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