I Will Just Give The House Back!
As I close out this short series on Mortgage and Financing, I came across a post today that was pretty humorous in some respects and sad in other respects. Why may you ask, because a lot of consumers out there think that you can do just exactly what the title suggest, "I will just give the house back!". Unfortunately, it does not work that way in today's real estate and mortgage industry. Sometimes we all wished it was that simple, and ode to earlier days of yesteryear.
I thought I would share with you that post by a colleague of mine Debbie Atwood, a REALTOR out of Everett, WA.
All Homeowners who currently find themselves in a very unfortunate situation when it comes to staying current on the home mortgages need to know the facts when it comes to your rights as a homeowner facing a possible short sale or foreclosure.
I can walk you through the tedious process of purchasing or selling your home successfully. We work with local lenders who will explain all the ins and outs of the various financing programs out there today and how they apply to you and your situation.
This information is especially important for all prospective Northeast Tarrant County and Keller TX Homebuyers and Sellers.
To your success,
John Hrisco of John Hrisco and Associates
p.s. if you feel like making a comment here for the reblog, thank you, but please visit Debbie's original blog post via the link below and tell her what a great job she did on the information provided.
I Will Just Give The House Back!
Recently I met with a married couple who were having trouble making their mortgage payments. They wanted to get some information on selling their home in this market.
Throughout our conversation Mr. Seller kept saying, "I will just give the house back to the bank!" Each time he said this I would tell him that you can't "just give the house back."
I hear this comment at least once a week from someone, either by comment or question. "Can't I just give the house back?"
Lets get the facts straight -
The bank NEVER owned your house so you can't give it back to them.
When you purchased your house you asked the bank to "lend you money" to purchase this property. The title was put into YOUR name.
Washington State is a non-judicial State and so,
in the TERMS of your loan it most likely states that if you don't pay your monthly mortgage payments the bank has the right to take title and sell the property at auction to try to recoup their loss on the money that you borrowed from them.
Also known as a foreclosure auction, which takes place at the courthouse steps, pretty much every Friday in Snohomish County.
Now, I'm pretty sure that most people understand this but it's kind of funny because if you keep saying something that isn't true you kind of start to believe it! So NO, you cannot give your house back to the bank.
(We can talk about deed in lieu at another time but still in fact, there is absolutely NO guarantee that a bank will even give a deed in lieu.)
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