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Lv 7
? asked in Business & FinanceRenting & Real Estate · 8 years ago

How do I sell property with a charged off loan?

Bank said they were going to foreclose. Instead they charged off the loan, property destroyed by vandals, I can not afford to fix.

How do I sell, get rid of, give away etc. the property without passing on the lien on the property. The property is not worth the amount of the lien. No where close.

2 Answers

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  • Glenn S
    Lv 7
    8 years ago
    Favorite Answer

    Record a "deed in lieu of foreclosure" in favor of the lender. The bank doesn't have to accept it, but it might force them to start the foreclosure.

  • Slickterp
    Lv 7
    8 years ago

    The only way to eliminate the lien is to pay it.

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