so are you saying we are ok that's what I am tring to find out I went down to court house and we are still listed but I received a letter in the mail from there lawer they where having a auction on the property so if they did not foreclose how are they selling it when it is still in our names
kirk are you saying where all right because it has been 2years
that's what I am dealing with because if they pull a detail report and it shows me and my wife on the deed they are telling me it is 2 years from that point put legally they can keep me hostige
kirk are you saying that we have to wait for the bank to sale the property before it comes out of our names deed in lieu of foreclosure is not a option the house is trashed they did not put any antifreeze cracked all the pipes tree went through the roof of the shed
A deed in lieu is still an option if the property is still in your name and the lender doesn't want to go through the foreclosure process. It may reject the deed in lieu, but that's up to the lender.
Also, in a situation where you're not liable for the deficiency judgment amount because of your bankruptcy discharge, a deed in lieu is really the simplest way to end this matter.
To answer your question, NO you are not LEGALLY REQUIRED to wait until after your name comes off of the deed to be eligible for a new loan or to buy a house.
However, the lender may require this before it approves a loan. As I said before, the bank has the right to make this call.
kirk should our names have been transferred off the deed when we filed bankrupcy
Title to the property isn't effected by the bankruptcy - - so the deed would not be changed.
All that bankruptcy did was cancel your obligation to pay the mortgage.
The title to the property would not transfer UNTIL the bank actually goes through a foreclosure sale OR UNTIL you issue a deed to the lender.
so in opoin kirk what should we do
The best option is to offer your lender on the discharged mortgage a deed in lieu of foreclosure to get your name off of the property immediately.
what does that mean deed of foreclosure
how due we due that
It means that you and your spouse would issue/execute a deed transferring the property back to the lender instead of forcing the lender to go through foreclosure. Thus, you offer the deed IN LIEU of foreclosure.
The process is as simple as calling the lender and asking it if they'll accept a deed in lieu of foreclosure.
SOMETIMES, lenders aren't agreeable because the lender gives up its right to sue for the deficiency balance if the forelcosure sale doesn't bring enough to pay the loan off in full. However, that's not an issue in your case because you've already been discharged of the debt.
Thus, the lender would likely be willing to accept a deed in lieu - - they can get to the same place a foreclosure sale would get them without having to go through the entire process - - which saves it time and money.
what if they say no due they have a choice under law
Yes, they can refuse to accept the deed in lieu and opt for proceeding with foreclosure - - I don't know what type of advantage it would give the lender in this instance, but it is possible for the lender to refuse the deed.
kirk its been 2years I would think that they have already foreclosed
The lender has quite a bit of time to foreclose after default, so it is not impossible that the lender hasn't yet foreclosed.
Also, IF the lender had foreclosed, the property should not still be in your name.
Instead, the lender would have issued a substituted trustee or trustee's deed to the purchaser at the foreclosure sale. So there would be a new deed showing title in someone else's name - - not yours.
I have a letter sent from there lawyers dated april16 they where having a sale of the property may 15 and it will be listed in the paper
Ok. Well, IF the said occurred (which they sometimes are stopped for various reasons), then a new deed should have been issued sometime after May 15th transferring the property to the buyer.
You should try to call the attorney for the lender and asking where this stands. He/she should be willing to tell you something.
well I went down this morning to the court house and we are still listed still getting property taxes on the home from the town
Well, you can't rely on the property tax information.
It's only updated once a year.....usually every January/February.
You will need to check the land records to see if a foreclosure has been filed and whether a subsequent deed has been issued by the lender to a buyer.
I try to call I don't know where I will get its benifical they would not work with us before we filed
If you haven't checked the land records, then that's a good place to start as well. The court clerk should help you track this down.
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