what and when a "property give back" can be used in real estates? ?
My son income’s decreased due to lesser work hours which will unable him to pay home mortgage next month; I need all helpful info on "property give back". Will appreciate if anybody has info on alternative actions vice foreclosures. Thank you.
A "give back" would usually mean that the previous owner was receiving monthly payments from your son. A carryback. Your son would notify the ex-owner that he was giving the house back.
What you are probably describing is a "deed-in-lieu" which transfers the ownership to the bank immediately; instead of waiting for the bank to foreclose in 6 months. A few banks are doing this. They want to know that the house is clean and undamaged. Some will even offer $500 which is called "cash for keys".
Most lenders want to see that your son has made every effort to keep the house. That is what he promised to do when he got the loan. So they will not accept a deed. Right now most of them will give him 6 months of no payments and add that to the loan balance. It gives him some breathing room to get another job.
There are no good alternatives available to most people in your son’s situation..
For more information about this property, please contact First Team Real Estate at 866-938-5812.
kellerwilliamshttp://gdata.youtube.com/feeds/api/users/kellerwilliamsaustin, txNewsThis Month in Real Estate (US) : July 2010
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