As the number of foreclosures continue to increase, consumers who have to deal with this extremely unfortunate process are looking for ways to avoid foreclosure. Many people ask the question, can I just give my house back to the bank? This question is actually quite common and you actually may be able to do that. Giving your home back to the bank is what is known as a deed in lieu of foreclosure. Not all banks will simply take a house back though and this needs to be approved from the bank prior to just leaving the home and telling the bank, "here it is." Read the entire page to find out more information on giving your home back to the bank, deeds in lieu of foreclosure, and other possible options to avoid foreclosure.

If you are considering walking away from your house you should look into a deed in lieu of foreclosure. It is a transaction where the borrower conveys all interest in the property to the lender. The transaction will satisfy a loan that is in default and can halt the foreclosure process.

For a bank to even consider this option there needs to be a fair amount of equity in the property. A bank generally will not be intereested in taking back your home if you owe more then the home is worth.

 

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