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?
Just wait a minute there!
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 – known as a deed in lieu of foreclosure, involves a process and the lender does not have to agree to a deed in lieu. You can call the lender and discuss the deed in lieu and they will tell you what the process is and you can apply. However a deed in lieu is usually not a possibility for you:
- If you have more than one lien against your property
- Until you have attempted a short sale
Last Updated on November 29, 2022 by Minna Reid