Q: How to request lender take possession of property? Mortgaged property no longer primary care residence.
Due to continued financial hardship since Feb 2016 can no longer afford mortgage payment. What terminology should be used? Request release from ownership? Transfer of ownership?
A: It depends on what your goal is. It sounds like you are not interested in saving your house and are willing to leave since you can no longer afford it. There may be different options available to you depending on your circumstances and what you wish to ultimately accomplish, as well as where the loan stands right now (has a foreclosure been filed? Have you stopped paying or are you at the point where going forward you won't be able to pay?). Don't forget that you are likely still going to be liable on the loan. This is a complex matter that cannot be answered on a forum. I encourage you to sit down with an attorney like myself - in your geographical area- who is familiar with debt relief and real estate matters so that you can have an in depth discussion about your options.
A: The Short Answer to your question is there is no way to compel a lender to take possession of the property securing your loan. You may ask to arrange for a deed in lieu of foreclosure, but even then the choice is up to the lender. This matter is worth consulting an Attorney in your area and discussing your options. I hope that this information was helpful. Best of luck.
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