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Barrister
Barrister, Lawyer
Category: Real Estate Law
Satisfied Customers: 38251
Experience:  17 years real estate, Realtor. Landlord 26 years
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I currently own 10 rental houses in West MS. I can't afford

Customer Question

I currently own 10 rental houses in West Jackson MS. I can't afford to continue covering the mortgages. The management doesn't have rents to deposit. I've tried various management companies. Can I Quit Claim the Deeds to the lender and walk away?
JA: Because real estate law varies from place to place, can you tell me what state this is in?
Customer: Mississippi
JA: Has any paperwork been filed?
Customer: No.
JA: Anything else you want the lawyer to know before I connect you?
Customer: I don't know.
Submitted: 1 month ago.
Category: Real Estate Law
Expert:  Barrister replied 1 month ago.

Hello and welcome! My name is ***** ***** I am a licensed attorney and will try my best to help with your situation. There may be a slight delay in my responses as I type out an answer or reply.

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Have you talked to the lender to see if they would accept them back?

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Are they worth close to what you owe on them?

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thanks

Barrister

Customer: replied 1 month ago.
I have not spoken to the lender. Jackson, MS is a very poor real estate market. Values may be close to what is owed, however properties sit for 12 months on a listing. I think the price would have to be well below market for the house to sell.
Expert:  Barrister replied 1 month ago.

Ok, thank you for that information. Unfortunately, you can't force ownership of property on someone.. In order for ownership to transfer, there must be a transfer by deed, and also an "acceptance" by the party being transferred to.

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So you can't unilaterally transfer the properties back, but if you told them you are going to default on the loan, and would like to discuss a "deed in lieu of foreclosure", then if the value is close to what is owed, then the bank may not want to spend the $10,000 or more on an attorney to pursue a foreclosure on all the properties..

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thanks

Barrister

Expert:  Barrister replied 1 month ago.

Hello again,

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I just wanted to touch base with you and check in.

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Did you have any further questions I can help with?

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Thanks much

Barrister