Options: Leave Your House

Occasionally borrowers decide that their highest priority is not to keep their house.   In these situations Guss Investment Group has options available that are aimed at creating the easiest transition without any unnecessary damage to the borrower’s credit, or fear of future deficiency judgments.  We want to build the best relationship with our borrowers possible, and while these may not be the most attractive options, we do offer them to help our borrowers from sinking further into debt and uncertainty.

Please note, these options are only available to borrowers who have contacted Guss Investment Group and have provided all the requested documentation.  Failure to contact Guss Investment Group or provide Guss Investment Group with requested documentation may disqualify you from these options.  In most cases, the law allows Guss Investment Group to add any fees incurred through the protection of its interest in the property (attorneys fees, appraisals, and more) to the balance owed on the loan.  If Guss Investment Group must incur these fees before an agreement is reached, these fees are passed on in the form of higher down payments, higher monthly payments, or higher payoff amounts in these options.


Option 1:  Deed in Lieu of Foreclosure / Quit-Claim Deed
This option allows the borrower to sign over the property to Guss Investment Group in return for Guss Investment Group’s promise to not pursue them any further.  This option is usually much easier on the borrowers credit score and leaves the borrower with a greater sense of security.  The exact process and terms of the Deed in Lieu are dependent on state laws as well as the unique situation of each borrower.  If there is equity in the property, the borrower may qualify for a similar option, “Cash for Keys,” described below.

Option 2:  Rent the Property
This option may be available to you if you are able to rent the property for enough of an income where you can keep all the bills on the property current (including payments to Guss Investment Group) and keep the property in good condition.  In most cases, Guss Investment Group does not allow properties to be rented unless the loan is brought current or a significant down payment is made to help cover Guss Investment Group’s initial cost and increased risk.  Please note that failure to notify Guss Investment Group that your property is being rented may result in a breach of contract, or default in any agreement that you may reach with Guss Investment Group.

Option 3:  Sell Your Home
Your home may have enough equity to sell and pay off all of your outstanding obligations against it.  If this is the case, you may wish to proceed with selling your home to help protect the equity you have built up instead of letting it disappear into legal fees and foreclosure proceedings. We buy fire damaged houses and other damaged houses as is. If your home does not have the equity to pay off all your obligations, Guss Investment Group may be open to allowing you to short sale your property.  This often requires the consent of all parties with obligations on the property, but is usually less damaging to your credit than a foreclosure.

Option 4:  Cash for Keys
A Cash for Keys scenario works similar to a Deed in Lieu of Foreclosure, but traditionally the borrower has some equity in the property.  In these instances the borrower does not wish to take on the burden of selling, or short selling, their home and instead will sign over the property to Guss Investment Group.  In a “Cash for Keys” scenario, Guss Investment Group would pay the borrower a lump sum amount in order to help the borrower move and get re-established somewhere else.  This lump sum amount is depending on each borrowers unique situation.  Not all borrowers with equity in their property will qualify for this option.

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Important Documents
HomeOwner Options