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Bank Takes House |
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IF I TURN MY HOUSE OVER TO THE BANK, WHO GETS THE EQUITY? |
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What equity? First of all, why do you want to turn your house over to the bank? That's sometimes done when foreclosure threatens. And if that's the situation, and if you do have equity, you'll be much better off to just put your house up on the open market at a bargain price, sell quickly and save your credit record from the "deed in lieu of foreclosure" black mark. And if you couldn't sell for enough to pay off the loan, then you don't have any equity to worry about.
At any rate, you can't give the house to the bank unless they agree to take it. |
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Edith
Originally published on September 21, 2007 |
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