Legal Question in Real Estate Law in New York

What is the procedure for signing your house back over to the mortgage company, so you don't own it anymore, but they do? I can't afford it, and I'm already behind in the payments. I have no equity in it. I just want to sign it over and walk away.


Asked on 1/21/11, 11:00 am

2 Answers from Attorneys

This is usually a deed in lieu of foreclosure. It is within the bank's discretion to accept it. Also, you will need to show that you have tried to sell it, and that you haven't damaged the property.

Feel free to contact me for more information

Dave

http://nylegaladivsor.com

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Answered on 1/26/11, 11:36 am
Steven Czik CZIK LAW PLLC

We have substantial experience handling these types of cases, however, we would need some more information before making a complete and proper determination. You are welcome to contact us for a free consultation.

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STEVEN J. CZIK, P.C.

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New York, New York 10013

212.413.4462

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The information provided by The Law Offices of Steven J. Czik, P.C. (LOSJC) is for general educational purposes only. There is no attorney-client relationship established by this communication and no privilege attaches to such communication. LOSJC is not taking and will not take any action on your behalf and will not be considered your attorney until both you and LOSJC have signed a written retainer agreement. There are strict deadlines, called statutes of limitation, within which claims or lawsuits must be filed. Therefore, if you desire the services of an attorney and decide not to retain LOSJC on terms acceptable to LOSJC, you are advised to immediately seek the services of another attorney.

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Answered on 1/28/11, 8:13 am


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