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Good afternoon. I certainly understand the situation and your concern. What you are asking about is called and referred to as a deed in lieu of foreclosure. This is an option for a homeowner
who can no longer afford the home and would like to avoid the foreclosure process. Essentially, the lender agrees to take the home and in most cases, will agree to waive any deficiency or balance owed, if the home is worth less then what is owed on the note. However, this is something which needs to be worked out and negotiated, as it is not automatic. Typically, the lender will want to make sure there are no liens on the property and that the taxes are paid, along with any association
fees if they exist. In addition, you if you have been trying to sell the home for two years, you can see if the lender will agree to a short sale and accept less then what is owed, in satisfaction of the debt. In both cases, you would need to speak with someone in their loss mitigation department, to explore those options, along with the possibility of a loan modification ,if you wanted to try and keep the home but lower the payments.
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