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?
- If you have more than one lien against your property
- Until you have attempted a short sale
Most lenders will force you to consider alternative solutions before accepting a deed in lieu, and will want to see your house listed as a short sale for a period of time before accepting the deed in lieu. 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. Meanwhile – sending in your keys accomplishes nothing except leaving you a set of keys short for your house.