If approved, you sign the deed over and vacate the property.
: To release you from your mortgage obligation and avoid a more damaging foreclosure on your credit report. The Process : can a bank buy your house
: You lose all equity you've built and may still face tax liabilities if the canceled debt is considered income. 2. Foreclosure (Involuntary Acquisition) If approved, you sign the deed over and vacate the property
If you are looking to transfer your home to a bank, it is usually because of one of the following financial situations: 1. Deed in Lieu of Foreclosure can a bank buy your house