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johnc · Joined: 21 Jun 2011 Posts: 2 1.66 Dollars($)

hello and thanks for such an informative forum.

Approx. 14 months ago, my chapter 7 bankruptcy was discharged relieving me of the debt on my property. I have not lived in the home for two years and it is vacant. The bank, formerly IndyMac, has taken me on a 6 year rollercoaster ride of TILA violation, federal stewardship and modification promises. I now have moved on in life and finances, but the bank who owns the note has continued to renew the homeowners insurance in my name, and in New York City the deeded owner is responsible for the water bill. State Farm wants a copy of the deed to show i'm not the current owner before cancelling the policy, and NYC will continue to charge me $45 per quarter for having water service.
Will excecuting a quitclaim deed solve my problems here? I've just been waiting for the bank to foreclose but after reading these forums, I am hopeful there is another option.

jameshogg · Posted: Tue Jun 21, 2011 11:08 pm Post subject:

Hi jc,

Unless the bank forecloses the property and sells it off to someone else, you won't be able to get rid of your liability toward that property. You can sign a quitclaim deed and transfer the property to your lender but I don't think your problems will be solved. It will be better if you could contact your lender and ask him to sell off the property asap.

Thanks

johnc · Joined: 21 Jun 2011 Posts: 2 1.66 Dollars($)

Hi Jameshogg, thanks for contributing. I called bank around 6 months ago hoping to just sign the property over to them, but they told me that foreclosure proceedings must run thier course and no other options would be pursued because thier attorneys were paid perforeclosure (blah blah blah), so they blew me off.
I have been through the fire of bankruptcy and do not owe anything on the house, only what the city is charging the owner of record. My thoughts, after looking through the info here, is that a quitclaim deed will take my name off the deed in the county clerks office. That would allow me to cancel the insurance policy and make NYC go after the bank for future water bills.

adonis · Posted: Wed Jun 22, 2011 9:24 pm Post subject:

Welcome johnc,

You can sign a quitclaim deed and transfer the property to the lender. However, you should contact a real estate attorney and take his opinion in this matter before transferring the property. He will let you know whether or not it will be a viable option.

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