I want to just walk away from my upside down house. Can I just send the keys to the lender and let them have it?
Unfortunately it’s just not that easy. Despite popular belief that you can just slip your keys in an envelope, mail them to your lender and then walk away from your house- it simply doesn’t work that way. Giving the house to the bank is known as a deed in lieu of foreclosure (voluntary foreclosure).
Getting a deed in lieu involves a process and you must be approved by the lender. You can call the lender and discuss the deed in lieu and they will tell you what the process is and you can apply.
GENERAL REQUIREMENTS FOR GETTING A DEED IN LIEU:
A deed in lieu of foreclosure is a lenders last resort to settle an account as other workouts like loan modifications and short sales are less costly for the lender. After going through their application process, and/or attempting a loan mod or short sale and failing, the lender may agree to take the deed in lieu of it gives them clean title. Meanwhile – simply sending in your keys accomplishes nothing except leaving you a set of keys short for your house.
I was at my wits end. I saw an ad online about Minna and short sales so I decided to take a chance. I am so glad I did!!! From the beginning, Minna was on top of things. I didn't have to do anything which was good because I had no idea what I was suppose to do or not do as this was the first time selling a house (along with my first short sale). I asked a lot of questions and Minna always responded immediately and professionally, even when the questions were kinda crazy. The bank was the cause for losing 2 of our potential buyers but Minna and her crew had another buyer on the line immediately, everytime, because the house was always being shown. We finally got the last buyer and Minna and her wonderful crew pushed almost everyday to keep the bank on their toes which enabled us to actually close on the house!!! Selling this house has allowed us to be able to go on with our lives and we owe this all to Minna and her crew. Thank you so much! I don't know what I would have done without you at my side.
N.K.
Last Updated on April 14, 2025 by Minna Reid