Can you sell your house back to the bank in CA?

Well, this kind of return is refferd to a “Deed in Lieu of Foreclosure.” You can give the house back to the bank with a deed in lieu of foreclosure to fulfill the debt, however, you can’t sale it out.

Understanding “Deed in Lieu of Foreclosure”…

A “Deed in Lieu of Foreclosure” can be beneficial on a credit report, depending upon your perspective. The loan status will be closed and the “deed” will be recognized. As compared to the credit score of a foreclosure, a “Deed in Lieu of Foreclosure” is less harming than a foreclosure to credit reports.

One of the major benefits of the whole procedure is that it will end up in a faster mode, that too without much hassle.

Hence, if a foreclosure is expected, giving the house back to the bank is an idea that should be considered. The two greater advantages are:

  • You are free from a few of the debts of your defaulted loan
  • You stay away from the public scrutiny, including the legal notices and newspaper listings posted at your doorstep.

A “Deed in Lieu of Foreclosure” is not something which will save your house, but it will help you get going and recreate your life.

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