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[ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] Re: Deed-in-lieu in California Posted by damien on August 13, 2003 at 8:59 PM In Reply to: Deed-in-lieu in California posted by Kevin on August 13, 2003 at 6:16 PM : Hi, : I was wondering about deeds-in-lieu in California. If I find myself owning a house that has dropped in value, and I owe more than the house is worth, can I simply sign over the deed to the bank under this deed-in-lieu? Is this under my discretion, or can the bank that owns the mortgage reject this? Can they come after my other assets? So, for example, even if I could make the monthly mortgage payments, but I frivolously decide that I no longer wanted the house, could I enact this deed-in-lieu? : I am not concerned about my credit history, but just want to be aware of my rights. I am considering buying a house in the Bay Area, but I'm afraid that the housing market might burst and I might find myself owning a house that I overpaid for that I can no longer afford. I would rather kill my credit history than bankrupt my entire family.... : Thanks for any help, : Kevin Kevin, In regards to a deed-in-lieu, NO you can not just sign your property back to the lender. This is an option the lender has to agree to, and its not always just that simple. My opinion, DON'T BUY A HOUSE IF YOU THINK ITS OVER PRICED. Damien Follow Ups: Post a Followup: Name : E-Mail : Subject : Comments: : : Hi, : : I was wondering about deeds-in-lieu in California. If I find myself owning a house that has dropped in value, and I owe more than the house is worth, can I simply sign over the deed to the bank under this deed-in-lieu? Is this under my discretion, or can the bank that owns the mortgage reject this? Can they come after my other assets? So, for example, even if I could make the monthly mortgage payments, but I frivolously decide that I no longer wanted the house, could I enact this deed-in-lieu? : : I am not concerned about my credit history, but just want to be aware of my rights. I am considering buying a house in the Bay Area, but I'm afraid that the housing market might burst and I might find myself owning a house that I overpaid for that I can no longer afford. I would rather kill my credit history than bankrupt my entire family.... : : Thanks for any help, : : Kevin : Kevin, : In regards to a deed-in-lieu, NO you can not just sign your property back to the lender. This is an option the lender has to agree to, and its not always just that simple. : My opinion, DON'T BUY A HOUSE IF YOU THINK ITS OVER PRICED. : Damien Optional Link URL: Link Title: Optional Image URL: [ Follow Ups ] [ Post Followup ] [ The Forum Board ] [ FAQ ] WWWAdmin 2.0a © 1997 Matt Wright and DBasics Software Company, All Rights Reserved

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