Will a bank buy back your house from you or will this be the same as a foreclosure?
Question:
Answer:
You can surrender your house back, they will resell it, for far cheaper most likely and they will expect you to pay the difference. It is considered a forclosure, but looks better on your credit report than just not paying anymore until they take it from you.
Banks are not in the business of buying houses. They're in the business of banking.
I've been in the banking business for 12 years and i've never heard of a bank "buying" back a house. If you need to get out of your house, unfortunately, the only way to get out of it without doing major damage to your credit is to sell it. There are services out there that will buy your house, but they probably won't give you as much as you'd like.
Don't go into foreclosure if you can help it. It can greatly hurt your chances of buying a house in the future..or buy anything for that matter.
Banks lose money in foreclosures. They want to work with you to resolve the issue. They won't buy it back but most will help provide at least some good advice. They're in this with you.
Don't believe the person who said that a voluntary foreclosure looks better than an involuntary. A foreclosure is a foreclosure.
My suggestion is to put it on the market and sell it as fast as you can and hope to get enough out of it to cover your debt or see if you can refinance. If not, at least you have a smaller amount to repay.
No. If you can't make your payments, try selling it. Sometimes a bank will take a deed in lieu of foreclosure, where you deed the house back to the bank without going through foreclosure, but I haven't seen it done locally for some time. In any case, the bank still can file a lien against you which could affect your purchasing additional property in the future. Talk to your banker about how you should proceed. Good Luck
If you do anything...surrender the house and do a "Deed In Leu" it wont look as bad on your credit.
No and No. Banks do not buy back your home. Foreclosure is a legalprocess in which the bank takes possession of your property for non-payment.
Regards
More Related Questions & Answers...