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I am in Kentucky, and in the middle of foreclosure on my home. I hadn't heard anything from the bank at all, until today. 2 men from the bank I'm buying my home from pulled up in the driveway and said that they would give me 2 weeks to sell the home or I could go in to their office and sign the home back over to them... to save THEM the money it would cost them to go into foreclosure. I don't know what this does to the buyers credit or anything, but this would definetely be something to ask them about. It seems like the banks only care about their money...

Be careful about this, as the bank trying to get your home, may not have rights to foreclose on your home. Their name must be on the Mortgage Deed. The bank we applied for our loan with is not the same bank, as our mortgage was transferred during our initial mortgage process, and then it was transferred again later on. Now that we have not paid on our home for one year, they are transferring our mortgage again to another servicing company. We hired a law firm that protects us, and a good one will only charge you for what they spend time on and many are handling these foreclosures now at such a large rate you can get one for as little as paying $1500 for one year of service and any money not used goes to the next year, and believe me, there is not much to do during the first year or two. They are available though if we run into trouble and they are protecting our rights. Banks and Mortgage companies have a tendency of taking possession of homes before they are legal to do so. I would never just sign over my home, but make them go through the legal process, as they could have violated many things as we found out on our mortgage paperwork.

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Q: Can you turn your home back over to the bank?
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