Posted on: 29th Sep, 2009 12:06 pm
i am walking away from my home due to the lack of cooperation from lenders to work with me on the mortgage. bank of amer. can have it. can i quit claim deed the title to them. i do not want to be responsible for the "up keep" if i'm not living there. the county the house is in is not very forgiving about unkept property.
Hi Rae,
You cannot simply quitclaim the property to the lender. If you walkaway from the property, the lender would foreclose it and sell it off to recover the dues. I would suggest you to contact the lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, you would be able to transfer the property to the lender who would sell it off and recover the dues. Unlike foreclosure, you won't be liable for the deficient amount resulting from the sale of the property.
Thanks
You cannot simply quitclaim the property to the lender. If you walkaway from the property, the lender would foreclose it and sell it off to recover the dues. I would suggest you to contact the lender and apply for a deed in lieu of foreclosure. If the lender accepts your request, you would be able to transfer the property to the lender who would sell it off and recover the dues. Unlike foreclosure, you won't be liable for the deficient amount resulting from the sale of the property.
Thanks