Sell My Mortgage Note Back to the Bank

Ultimately no, the loan is an asset to the bank because they are owed money. The loan to you however, is a liability because you owe them money. From your perspective the loan has no value to be sold as you owe them money. The bank can sell the loan to another bank, but that has no bearing on you.

If you are asking if there is a way to ‘give back’ your house and your loan, than the answer is yes, although it will negatively impact your credit. You can do something called a deed in lieu, or a deed in lieu of foreclosure. This is essentially giving the house back to the bank and not paying on the loan anymore. The good news is that you will no longer owe the funds you borrowed on the loan. The bad news is you will no longer own your house, you will have to leave the home, and it will impact your credit the same way that a foreclosure would. This is certainly not something to be taken lightly, as it will have a big impact on your current life and your future.

Lastly, you may be referring to a ‘short sale’. This is not selling your loan, but selling your home for less than what you owe. This requires approval from the bank that lent you money, additionally this will impact your credit in a negative way.