real estate

i live in new york and i own an apartment building that is draining my finances. i would like to turn it back to the bank that has a lien on the property (45k) but dont want it to affect my excellent credit rating. i was thinking of incorporating and transfering the assets to the corporation that way if the bank reports the move to various credit bureau's it will not affect my personal credit rating. Is what i am proposing legal and if it is will it accomplish my goal. if not ,can you tell me the best way to accomplish my goal.

[HomeGuru]

Originally posted by john signore
i live in new york and i own an apartment building that is draining my finances. i would like to turn it back to the bank that has a lien on the property (45k) but dont want it to affect my excellent credit rating. i was thinking of incorporating and transfering the assets to the corporation that way if the bank reports the move to various credit bureau's it will not affect my personal credit rating. Is what i am proposing legal and if it is will it accomplish my goal. if not ,can you tell me the best way to accomplish my goal.

**A: nice try. If you are on the mortgage, you can transfer the property to an offshore corporation a million times, you would still be liable for the mortgage and an unpaid mortgage liability on your credit reports.
Search deed-in-lieu of foreclosure and short sale.
Consult a Realtor.