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The FHA's best advice is to do whatever you can to save your home before allowing it to go back to the bank or be foreclosed upon. But for those in more serious situations in danger of a foreclosure, there is a way to give the property back to the bank.

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January 20, 2020
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FHA.com is a privately owned website, is not a government agency, and does not make loans.

How Can I Avoid Foreclosure?

FHA Common Question #40

For those in more serious situations in danger of a foreclosure, there is a way to give the property back to the bank. The FHA home will revert to the bank and you won't be able to save it-but the process is less damaging on a credit report than actual foreclosure.

FHA guidelines require you not be in default on another FHA mortgage, and you must already be in default and not qualified for other options. According to FHA home loan rules, this truly is a last resort, but a select few will need to exercise that last resort in some cases.

The FHA's best advice is to do whatever you can to save your home before allowing it to go back to the bank or be foreclosed upon.

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FHA Loan Articles and Mortgage News

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FHA Loan Limits for 2020: Going Up in a Housing Market Near You?

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