Posted on: 07th Oct, 2009 08:48 am
Hi... I hope this still works
Can you quitclaim a house back to the bank without penalty or further responsibility on the house? One of my neighbors said they are doing this... this doesn't make sense. They say a realtor (not the bank) appraised their home at 170, that they owe still 100, since there is a 70k equity that the bank will quitclaim deed and they will be absolved of financial responsibility.
Is this possible?
Can you quitclaim a house back to the bank without penalty or further responsibility on the house? One of my neighbors said they are doing this... this doesn't make sense. They say a realtor (not the bank) appraised their home at 170, that they owe still 100, since there is a 70k equity that the bank will quitclaim deed and they will be absolved of financial responsibility.
Is this possible?
no it makes no sense at all. in the first place, no lender is in the real estate business. their business is lending money and recouping payment from those loans. your neighbor is simply looking for an easy way to get out from under what must, undoubtedly, be a problem mortgage.
Proabably they are doign a ded in lieu
If the bank agrees for it, you no longer owe anythign to the bank. They will take the property and sell it
If the bank agrees for it, you no longer owe anythign to the bank. They will take the property and sell it
