What Do I Do If I Don’T Want My House Anymore?

How can I legally get rid of my mortgage?

File bankruptcy.

In order to fully eliminate your mortgage, you need to file Chapter 7 bankruptcy.

This is the Chapter in which your assets will be sold to recoup losses on debts.

Any remaining debts not covered by assets will be charged off–including your mortgage..

Will my mortgage company buy back my house?

Not all banks and lenders will be willing to buy back a house instead of going to foreclosure, but it is in the homeowner’s best interest to investigate this option before the foreclosure happens. Banks are most likely to consider re-purchasing a home if the market is booming, as it was just recently.

What do I do if I don’t want my house anymore?

If you don’t want to put your house on the market or can’t get a short-sale approval, you can try to negotiate a deed-in-lieu directly with the lender. … A short sale or deed-in-lieu will hurt your credit score, and you’ll be required to disclose your financial information to the lender.

How do I get rid of a house I don’t want?

There are three key ways that you can get rid of your home quickly.List Traditionally with an Agent. Listing your home in the traditional fashion with a real estate agent is not necessarily the fastest way to get rid of your home. … FSBO. … Sell to a Cash Buyer.

How do you get out of the house?

7 Proven Ways to Get Out Of Your Mortgage LegallyHire a Real Estate Agent to Sell Your Home. … Deed In Lieu of Foreclosure. … A Short Sale. … If Your Loan is FHA –Insured, Look For Government Assistance. … Refinancing Your Home. … Speak With Your Lender About a Forbearance Program or Loan Modification.More items…•

What happens if you break up and have a mortgage?

1. If you stop making the mortgage payments as a result of a relationship break-up, your lender will hold both of you liable and can pursue both of you for any arrears. The fact that one of you may have continued to pay ‘their’ share of the mortgage does not affect this principle.

How long can I stay in my home after foreclosure?

With both judicial and nonjudicial foreclosures, you’ll some time between notification of the foreclosure and the actual sale. You may remain in the property during this time, which is typically two months to a year—sometimes more—depending on the state and whether the foreclosure is judicial or nonjudicial.

How can I get my ex off my mortgage?

4 ways to remove an ex from a mortgage.Refinance the loan in your name only.Sell the house.Apply for a loan assumption.Get an FHA or VA streamline refinance.A final (risky) option.

Can bank go after assets in foreclosure?

Recourse. … With a recourse loan, your lender can take you to court and obtain a deficiency judgment to settle any residual balance on your home loan. Depending on your state’s laws, your lender may have the legal right to garnish your bank accounts and other financial assets.

Do you lose all equity in foreclosure?

In Foreclosure, Equity Remains Yours But in every case, if you have not made a determined number of payments, the lender places your loan in default and can begin foreclosure. If you cannot get new financing or sell the home, the lender can sell the home at auction for whatever price they choose.

Can I give up my house?

The answer to this question is yes, you can give your house back to the bank to avoid foreclosure in a process known as deed in lieu of foreclosure. … If you have come up against a wall and have no other option, this process lets you sign a deed over to the bank to rid yourself of the house.

What happens if you let the bank take your house?

Recourse borrowers owe the full amount of the mortgage even if they deed the house back to the bank. The lender can sell the house for less than the mortgage amount and come after you for all the rest, plus fees and legal costs. Refinanced and home-equity loans are almost always recourse loans.

When should you walk away from your house?

Buyers should consider walking away from a deal if document preparation for closing highlights potential problems. Some deal breakers include title issues that put into question the true owner of the property. Or outstanding liens, or money the seller still owes on the property.

What happens if you walk away from a house?

First of all, walking away from a mortgage will drop your credit rating by 150 points and it will take several years to recover. Such a drop has a huge impact if your credit is good, but a much smaller impact if your credit is already bad.

How do I give my house back to the bank?

Call your bank. Speak to a mortgage loan officer and tell her you that you have fallen behind on your payments and can no longer afford to pay for your home. Tell her you would like to surrender the title to the bank through a deed in lieu of foreclosure.