Real Estate Law
Have Real Estate Law Questions? Ask a Real Estate Lawyer.
Hi - my name is ***** ***** I'll be glad to assist.
If the house has not been foreclosed on, then you should still be the owner of the property.....you can check the land records to determine whether the title is still held in your name or someone else's.
If the trustee's sale fell through......and if the bankruptcy didn't resolve the debt or get a discharge for you.....then you would likely still own the property and owe the balance. If the lender is beginning foreclosure now, it is likely that you still do own the property AND that you didn't receive a discharge for the debt.
The loan is usually paid off at the time the title is transferred.....but if it wasn't, and if you didn't receive a discharge of your mortgage debt in bankruptcy, then you should still owe the balance on the mortgage.
It is highly unusual for the property's title to transfer without the mortgage being paid off or paid down.
The $10 is likely not the purchase price.....that's just what people put on deeds to meet the requirements of a contract (consideration (money)) is required for a valid contract.
You're best served to take a look at the title in the land records clerk's office to find out who deeded the property and when it was transferred.....and also see if the mortgage was mentioned or addressed in the deed.
You should also consult a local lawyer about this issue as it is very unusual -- especially if the trustee somehow sold the house while you were in bankruptcy and didn't get a fair value to pay off or pay down your mortgage debt.
You'd be best served with speaking to a real estate attorney that handles closings and transactions.....he/she can determine the status of the title, your obligations and the best thing to do after reviewing the records.
If it turns out that the debt is not satisfied by the foreclosure sale proceeds, then you may have to file bankruptcy again in order to avoid the deficiency amount.
The best thing you can do is tell the lawyer what is going on and ask him/her to review the land records and inform you what your current situation is and where to go from here.....it may be best to let the foreclosure complete and then decide what -- if anything -- is needed to be done.
No problem and good luck with this!
Please let me know if you have any additional questions. Also, please take time to positively rate our conversation so I may receive credit for assisting. Thanks again!