What is the best way to turn my home back over to the bank?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
What is the best way to turn my home back over to the bank?
I can afford my home, just want to move to a
safer neighborhood. How would turning my
home back over to the bank will affect me
legally and financially
Asked on March 26, 2019 under Real Estate Law, Hawaii
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You can ask the bank to take your home in full satisfaction of the mortgage--i.e. take the house, consider the mortgage paid--but you can't make them do that; it would voluntary on their part to do so. They could refuse to accept the house and hold you to the mortgage. So you are free to negotiate with them about this, but cannot require them to do so.
If you can afford the house--i.e. you are not in financial distress--why don't you simply sell the house, even if you have to price it slightly low to sell it more quickly?
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.