If I tried to sell my house (short sale) and I cant..can I hand over the deed ?

You have to ask them if they will accept the deed in lieu of foreclosure.

Since you will not owe the deficit if they accept they may decline in order to recover the full amount of funds they gave you. Only they can tell you which way they will go.

Why can't you do a short sale? Did the bank not approve the offer, or are there just no interested buyers? If they bank did not approve the offer I would contact them and ask what amount would be an acceptable offer and then relist your house for the new amount. Some banks are very helpful if you contact them up front. If you just cannot find an interested buyer at this time I would keep the property on the market & continue making your payments, as much as you can that is.

You cannot just hand a deed to a property back to the bank. They will eventually foreclose on you if you do not make your payments. You need to call Countrywide and see if they are willing to work with you so that you can make your payments. If they are not willing to work with you, it is time to consult a bankruptcy attorney.

i really do not recognize. I extremely have considered many short sales and foreclosure promote less than asking (regardless of if no longer a lot). My husband and that i provided $1500 a lot less on a short sale and were widely used, and $5000 a lot less on a foreclosure and the commercial agency does no longer bypass more advantageous than $3000 a lot less. Then, there change right into a foreclosure that change into new, in astounding structure, listed for $96900 and purchased for $117K! regrettably many short sales are priced on the commercial agency's final analysis, so if that is a house you truly desire then you definitely'll frequently prefer to bypass over the asking (until eventually there is not any competition - would not sound like your issue in any respect). i imagine $12K over is a good grant, really if the abode is in good structure.

you can do what i believe is called a voluntary foreclosure. The bank can still sue you afterwards if they sell the house and there is still money left on your mortgage, so they could still garnish your wages, hurt your credit even more, etc. Maybe you could try renting the property to a family for the amount you are paying on the mortgage, then you will be current on your payments and you can still the house in a year or so when the market picks up.

All you can do is ask. Lenders have been more flexible with loan modifications and deed in lieu of foreclosure arrangements, but Countrywide is the only one who can answer this.

why haven't you tried to modify countrywide is and has the b est mod programs available right now