What is the best way to turn my home back over to the bank?
Question Details: I can afford my home, just want to move to a safer neighborhood. How would turning my home back over to the bank will affect me legally and financially?
You can ask the bank to take your home in full satisfaction of the mortgage--i.e. take the house, consider the mortgage paid--but you can't make them do that; it would voluntary on their part to do so. They could refuse to accept the house and hold you to the mortgage. So you are free to negotiate with them about this, but cannot require them to do so.
If you can afford the house--i.e. you are not in financial distress--why don't you simply sell the house, even if you have to price it slightly low to sell it more quickly?
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