Legal Question in Real Estate Law in Washington
signing home over to bank
How do I sign my home over to the bank? I know one loses their equity in doing so but living in an economically-depressed area with decling home values makes this an option for my wife and I.
Asked on 6/08/00, 11:35 am
1 Answer from Attorneys
Jay Goldstein
Jay A. Goldstein Law Office
Re: signing home over to bank
The deed to which you refer is called a deed in lieu of foreclosure. It is a quit claim deed with the consideration being in lieu of foreclosure. However, the bank may not accept the deed in lieu if it thinks you have assets to pay off the loan.
Answered on 7/29/00, 10:33 pm
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