# voluntary surrender



## OUTONALIMB (13 Sep 2014)

Hi all, would anybody have a template for voluntary surrender of a properety to the banks or is it just a 'here's your keys back we can't afford your house' thing?


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## Matthew Moore (13 Sep 2014)

Few here for various banks:

http://www.askaboutmoney.com/showthread.php?t=179326


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## Golden1951 (4 Dec 2014)

I would try to sell your house yourself ask the banks if you could do a voluntary sale they handle all the costs and it all comes out of the sale of the house proceeds and the bank get the rest, then try to do a deal with any shortfall


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## michaelg (5 Dec 2014)

I would try and get a deal with the shortfall before selling , definitely.


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## Bronte (5 Dec 2014)

OUTONALIMB said:


> Hi all, would anybody have a template for voluntary surrender of a properety to the banks or is it just a 'here's your keys back we can't afford your house' thing?


 
Well you could do that, but would there be a better solution.  In any case it is certainly not advisable to do it unless you are on the dole and have no assets.  Or are unlikely to inherit in the near future.


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## Gerry Canning (5 Dec 2014)

Outonalimb.

Step back a little bit and review.
I assume you TODAY can not afford the house.
If your circumstances are such that surrendering is your best option ,then go for it.
But do not just hand back the keys.

Contact lender ,make the appointment and show lender your situation.Let Lender lead you through the process , at all times keep copies of all documentation and do not be bullied or put your signature to anything until you are sure it is in your best long term option.
With Banks I would always be afraid that they take the quick option but the (hit) might come to you in future life.
That said, be fair with them.

And good luck.


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## Fin Crusader (31 Dec 2014)

Is this your principal private residence or an investment property ? What bank are you with ?


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