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Barrister, Criminal Defense Law
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Experience:  14 years practicing criminal defense.
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I have a mortgage of 114,700 and local sales of comparble homes

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I have a mortgage of 114,700 and local sales of comparble homes is 109000. I can no longer work and have a net worth of 0. I want to turn in my house to the bank. How do I do it?
Submitted: 2 years ago.
Category: Criminal Law
Expert:  Barrister replied 2 years ago.
Hello,
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If you are talking about simply surrendering the house to the lender, you can contact them and see if they would be agreeable to a "deed in lieu of foreclosure" if you will be unable to continue to make payments. This essentially is where the borrower deeds the property back to the lender and the lender then forgives the outstanding mortgage.
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If they aren't willing to agree to this, then you could simply stop paying and live there until they actually foreclosed. AZ is considered a non-recourse state if the property is less than 2.5 acres and is your primary residence. So if this is the case, they can't sue you for any deficiency. To be perfectly honest, this option makes the most financial sense for the borrower as they can save up their money for an eventual move. It could take the lender a year or longer to foreclose since they are so backed up right now.
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The other option is to do a voluntary foreclosure where you just move, lock the place up and then mail them the keys with a letter stating that you are surrendering possession to the lender effective immediately.
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Thanks.

Barrister

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Barrister, Criminal Defense Law
Category: Criminal Law
Satisfied Customers: 24546
Experience: 14 years practicing criminal defense.
Barrister and 3 other Criminal Law Specialists are ready to help you

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