If you are having trouble paying your mortgage or if your mortgage banker is threatening to foreclose on you and you do not want to fight it... you can arrange for the bank to simply take over the property and hand the deed and keys over to them. This is called a deed-in-lieu of foreclosure. Basically you would be washing your hands of the property. Depending on the value of the property and how much you owe, you can try to negotiate with the bank to see if they will pay you for the keys based on the fact that you are not making them go through a lengthly and costly foreclosure process (I will say this is rare depending on who holds the mortgage). You may want an attorney to help you out as well to make sure you have no further obligation to the bank. When you hand them the deed and keys make sure that the mortgage holder waives any and all money due on the mortgage. If I can be of further assistance please let me know. Good luck!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783