Posted on: 04th Feb, 2010 12:54 pm
My house was already out for short sale but did not sale. I would like to give the keys to the bank do I need a lawyer or can i do it myself? I have not enough income to pay the mortage
Hi adasfashion!
Welcome to forums!
Giving away the keys to the bank and walking away from the property would lead to a foreclosure of the property. This will affect you in a negative way and you would be responsible for paying off the balance dues to the lender. It's better to apply for a deed in lieu with your lender. This will help you in selling off the property and you won't be liable for the deficient amount. You do not need an attorney to assist you in applying for a deed in lieu. You can contact the lender yourself and apply for it.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Giving away the keys to the bank and walking away from the property would lead to a foreclosure of the property. This will affect you in a negative way and you would be responsible for paying off the balance dues to the lender. It's better to apply for a deed in lieu with your lender. This will help you in selling off the property and you won't be liable for the deficient amount. You do not need an attorney to assist you in applying for a deed in lieu. You can contact the lender yourself and apply for it.
Feel free to ask if you've further queries.
Sussane