Can I Give My House Back to the Bank? Understanding Your Options In Kansas City

Can I give my house in Kansas City  back to the bank without an expensive foreclosure?

Owning a home can be one of the most rewarding experiences of your life, but it can also become a source of significant stress if you encounter financial difficulties. If you’re struggling to keep up with mortgage payments, you might be wondering, “Can I give my house back to the bank?” The good news is that there are options available to help you navigate this challenging situation. One such option is a deed in lieu of foreclosure, but there are also other strategies you can consider. Let’s explore these options and how to approach your lender about them.

What is a Deed in Lieu of Foreclosure?

A deed in lieu of foreclosure is an arrangement where you voluntarily transfer ownership of your property to your lender in exchange for the cancellation of your mortgage debt. This can be a viable option if you’re unable to sell your home through traditional means or if you’re facing an imminent foreclosure. Here’s how it works:

  1. Negotiation: You must first contact your lender to discuss the possibility of a deed in lieu of foreclosure. Not all lenders will agree to this, but many are willing to consider it as it saves them the costs associated with a foreclosure process.
  2. Documentation: You’ll need to provide your lender with detailed financial information, including proof of your hardship, to support your request.
  3. Property Condition: The lender may require an appraisal or inspection of the property to ensure it’s in good condition. Some lenders might refuse a deed in lieu if there are significant issues with the property.
  4. Settlement: If the lender agrees, you will sign over the deed to the property, and the lender will release you from the mortgage debt. This process can take several weeks to complete.

How to Approach Your Lender About a Deed in Lieu of Foreclosure

  1. Be Proactive: Contact your lender as soon as you realize you’re having trouble making your mortgage payments. Lenders are more likely to work with borrowers who are proactive in addressing their financial difficulties.
  2. Explain Your Situation: Clearly and honestly explain your financial situation and why you believe a deed in lieu of foreclosure is the best solution. Provide all requested documentation promptly.
  3. Ask Questions: Make sure you understand the process, any potential impact on your credit score, and whether the lender will pursue a deficiency judgment (seeking the remaining balance if the property’s value is less than the mortgage amount).
  4. Get Everything in Writing: Ensure all agreements and communications with your lender are documented in writing.

Other Options to Consider

While a deed in lieu of foreclosure can be a good option for some homeowners, it’s not the only path available. Here are some other strategies to consider:

  1. Loan Modification: This involves negotiating new terms with your lender to make your mortgage more affordable. This could include extending the loan term, reducing the interest rate, or even reducing the principal balance.
  2. Forbearance: If your financial hardship is temporary, your lender might agree to a forbearance, which allows you to temporarily reduce or pause your mortgage payments.
  3. Short Sale: If you owe more on your mortgage than your home is worth, a short sale allows you to sell your home for less than the balance owed on your mortgage, with the lender’s approval. This can be a complex process but can be less damaging to your credit than foreclosure.
  4. Bankruptcy: Filing for bankruptcy can provide a temporary stay of foreclosure proceedings and may give you time to reorganize your finances. However, this is a serious step that requires careful consideration and consultation with a bankruptcy attorney.
  5. Government Programs: There are various government programs designed to assist homeowners in distress. Programs like the Home Affordable Modification Program (HAMP) can offer relief through loan modifications and other means.

Outside Resources for Assistance

If you’re feeling overwhelmed, there are several resources available to help you navigate your options:

  • Housing Counselors: HUD-approved housing counselors can provide free or low-cost advice on foreclosure prevention and other housing issues. They can help you understand your options and negotiate with your lender.
  • Legal Assistance: If you’re facing foreclosure, it’s wise to consult with an attorney who specializes in foreclosure defense. They can help you understand your rights and advocate on your behalf.
  • Financial Advisors: A financial advisor can help you assess your overall financial situation and develop a plan to address your mortgage issues.

Mastiff Home Buyers: A Quick and Simple Solution

If you’re looking for a fast and hassle-free way to sell your home without listing it on the market, Mastiff Home Buyers can help. We specialize in buying homes quickly and efficiently, providing a straightforward solution for homeowners in distress.

  1. Fast Process: We can make you a fair cash offer within 24 hours of contacting us, and we can close the sale in as little as seven days. This eliminates the lengthy process of traditional home sales.
  2. No Repairs Needed: We buy homes as-is, so you don’t need to worry about making costly repairs or improvements.
  3. No Commissions or Fees: Unlike traditional real estate sales, there are no agent commissions or hidden fees. What we offer is what you get.
  4. Flexible Solutions: We understand that every homeowner’s situation is unique. We work with you to find a solution that meets your needs, whether that’s a quick sale or assistance with your transition to new housing.

If you’re struggling with your mortgage and considering your options, don’t hesitate to reach out to Mastiff Home Buyers. We’re here to provide a compassionate and professional solution to help you move forward with confidence.


Dealing with mortgage difficulties can be incredibly stressful, but you don’t have to face it alone. Whether you choose a deed in lieu of foreclosure, explore other options with your lender, or decide to sell your home quickly to Mastiff Home Buyers, there are solutions available to help you regain control of your financial situation. Contact us today to learn more about how we can assist you in this challenging time.

The process is really simple:

  1. Fill out the form over here, or call Angel at (816) 750-5325 and we’ll make you an offer within 48 hours
  2. If you are interested in the offer we prefer to come meet you in person to discuss how we might best solve your problem.
  3. If you agree to sell to us, we can close at a local title company of your choice in less than 30 days.
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