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is it possible to do a property deed transfer to a bank to prevent foreclosure through the courts
Yes the bank has a charge over the property. The house value is 475K valued by the bank last October. Due to pressure from the bank to sell ie coroner auction threat we are thinking of taking a very reduced price offer of 392,500K.
We are several months behind with loan repayments.
The bank has agreed to release the charge if we renegotiate a loan and repayment plan to cover the outstanding balance .
We have asked if the bank would accept the house as full and final payment and sell themselves to achieve a higher price. They would not be under the samepresssure we are time wise to find a buyer to stop court action.
They did not answer properly and said "not at this time" then a buyer came along.
However we will still be left with a large outstanding balance to pay .
Isle of Man