Posted on: 30th Jul, 2009 11:11 am
I have a first mortgage with Wells Fargo Bank,fo 275000 the value has dropped to 120000, I just want to give them back the deed, as it cannot be modified that much! Can I just get a lawyer and give them back the keys in leiu of Foreclosure? Am I liable for the decline of value and can they go after me for the deficiency!? The bank wants my tax return and list of my other assets, can I avoid these by hiring a lawyer? I thought mortgages are secured by the deed of Trust and if i give them the deed everything should be over!
What should I do as the bank refuses to accept the keys and my offer to sign off the Deed?
What should I do as the bank refuses to accept the keys and my offer to sign off the Deed?
nexuslight
Welcome to the forum
If you are behind on your payment then the bank will forclose on the property
They may accept the keys, but ti will not stop the forclosure process or affecting your credit score and report
Also they may come after the deficient amoutn once they finish the foreclsoure process
Good luck and feel free to ask
Welcome to the forum
If you are behind on your payment then the bank will forclose on the property
They may accept the keys, but ti will not stop the forclosure process or affecting your credit score and report
Also they may come after the deficient amoutn once they finish the foreclsoure process
Good luck and feel free to ask
When the loan is Secured by a property then all they should get is their security, isn't that all folclusure is all about? The bank should go to court and spend themoney and foeclose on you ad then sell the proerty t take its secuity back! Now all I want is to save the bank all these hassles , pay them till the last day that they would accept the keys. Return the keys and give them the house back, so they can have their security without having to go to court, what is wrong with that?
The property value has dropped and they better get their security, they allready got billions of Dollars Bailout from our money and the next generation money, what can I do so they accept their security back.
Sometime te Banks give actually money "Key in Lieu of foreclosure" , I just want to give their house back, and wells Fargo tell me tha I got to give them Tax retur, balance Sheet of assets, my present pay stub etc. I am just walking out and givng them the house, why they don't accept it and leave me alone?
Do I need a lawyer to tell them that the key is with him and the house is sgned off to the Bank and get the matter over, they get the house and I go free! :roll:
The property value has dropped and they better get their security, they allready got billions of Dollars Bailout from our money and the next generation money, what can I do so they accept their security back.
Sometime te Banks give actually money "Key in Lieu of foreclosure" , I just want to give their house back, and wells Fargo tell me tha I got to give them Tax retur, balance Sheet of assets, my present pay stub etc. I am just walking out and givng them the house, why they don't accept it and leave me alone?
Do I need a lawyer to tell them that the key is with him and the house is sgned off to the Bank and get the matter over, they get the house and I go free! :roll:
fat freddy
Banks are governed by certain rules and regualtion and they need to follow the guidlnes or they will end up in a bigger mess.
They may not be able to report as a loos unless it has been documented properly and legally
Good luck and feel free to ask
Banks are governed by certain rules and regualtion and they need to follow the guidlnes or they will end up in a bigger mess.
They may not be able to report as a loos unless it has been documented properly and legally
Good luck and feel free to ask
Thats true
They need to follow the guideline and laws
They need to follow the guideline and laws