On Sun, 12 Sep 2004 03:15:56 GMT, "Brigitte" wrote:


"Jonathan Kamens" wrote in message
...
(Jass) writes:

Now all the way is to give the house back.

They can't "give the house back."

Actually, they can. It's called a "Deed in Lieu of Foreclosure. We did one
and it's not had any ill effect on our credit rating.

An idea that I don't think anyone has suggested yet in this thread is
that they could simply walk away from the house, stop making their
mortgage payments,

Bad idea. Screws up your credit for years. Giving the house back to the
mortgage company with payments up to date is a much more respectful way of
doing this. And has less, if any effect on their credit rating.

Brigitte


Sorry Brigitte, but your advice is not universal. First, since the
mortgage company never owned the property the buyer is NOT giving it back.
They are offering ownership of the property to the lender and there is
nothing that says the lender has to accept the "Deed in Lieu of
Foreclosure" offer. Lastly, even if your credit remains unimpacted, you
cannot extend that to other circumstances.

As many other posters have pointed out, the only valid advice is to remove
the emotion the OP has injected in the thread and listen to the advice of a
local lawyer proficient in real estate law.