Can I quit claim deed back to lender?

Author Message
Icon Mini Profile londa071





Joined: 31 May 2010

Posts: 1

1.58 Dollars($)
Post Posted: Mon May 31, 2010 3:38 pm    Post subject: Can I quit claim deed back to lender?
Like
Dislike

Hello,

2 years ago I filed a no asset chapter 7 and surrendered my home and moved out of the property. To date the lender still has not foreclosed on the property to get it back although, they have made many threats that they were going to. The house has been trashed by looters however, the lender is paying the property taxes and keeping the grass cut. The problem is this house is still in my name and I want nothing to do with the house. If they stop paying the taxes or if the house gets code violations I will be the one they come after. I have pretty much begged them to foreclose but they wont. I guess it's not worth it to foreclose either. I want to know can I quit claim deed the property back to the lender and be done with it? the property is in maryland.
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 12593
Location: Alaska
1309.02 Dollars($)
Post Posted: Mon May 31, 2010 9:40 pm    Post subject:
Like
Dislike

Hi londa!

Welcome to forums!

It is good to note that the lender is maintaining the property and the property taxes. However, you should note that if the lender stops paying the dues, then the IRS can come after you for the taxes. You can sign a quit claim deed and transfer the property to the bank.

Feel free to ask if you've further queries.

Sussane
londa

Guest







Post Posted: Tue Jun 01, 2010 5:46 pm    Post subject: Can I quit claim deed back to lender?
Like
Dislike

Thank you for your response,
yes, this is what worries me- The what if's with this lender. I won't know that they have stopped paying the taxes and abandons the property until it's too late. I can't afford for that to happen. I have to act before hand. Once I deed the property back to them will all the tax notices and property responsibility be on them also? I guess I want to know will doing a quit claim deed remove me as owner of the property and remove me from any and all responsibility with that property? Because I want to be completely free it no ties.
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 12160
Location: Nevada
1221.50 Dollars($)
Post Posted: Wed Jun 02, 2010 12:30 am    Post subject:
Like
Dislike

Hi londa,

If the lender accepts the property deed from you, then you will not be held responsible for the liabilities related to it. The taxes will be the responsibility of the lender.

Thanks
Alfredo Aguilera

Guest







Post Posted: Mon Nov 22, 2010 6:25 pm    Post subject: can I quit claim my house back to the lander?it is in Nevada
Like
Dislike

can I quit claim my house back to the lander? the house is in Nevada
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 12593
Location: Alaska
1309.02 Dollars($)
Post Posted: Mon Nov 22, 2010 11:57 pm    Post subject:
Like
Dislike

Hi Alfredo!

Welcome to forums!

If you want to surrender your property to the lender, then you can sign a quitclaim deed and transfer it. However, if there is a mortgage on the property, then the lender will sell off the property to recover his dues. If there is a deficient balance, then the lender will come after you to recover it.

Feel free to ask if you've further queries.

Sussane
Carmen

Guest







Post Posted: Fri Feb 10, 2012 11:58 am    Post subject: Quit claim deed to lender
Like
Dislike

I'm in Arizona where a mortgage on a single family residence on land that is less than 2.5 acres is a non-recourse loan. If I Quit Claim the property back to the lender, do they ahve an option to refuse the property or do they have to accept it?
Icon Mini Profile jameshogg
jameshogg




Joined: 20 Dec 2005

Posts: 12160
Location: Nevada
1221.50 Dollars($)
Post Posted: Sat Feb 11, 2012 12:14 am    Post subject:
Like
Dislike

Hi Carmen,

It will depend upon the lender's discretion whether or not he wants to accept it or decline it. You can contact a real estate attorney and check out his opinion in this matter.

Thanks
Dudeabides4719

Guest







Post Posted: Wed Aug 01, 2012 11:21 am    Post subject: Quitclaim in Wis
Like
Dislike

My wife and I discharged a mortgage debt in Wisconsin through bnakrupcy a year ago. The bank filed, then dismissed, a suit in foreclosure. We continue to get tax bills from the County/City in Wisconsin. Can we quitclaim the property to the bank and shift any tax responsibility to them?
Icon Mini Profile smithsussane
smith.sussane




Joined: 18 Sep 2008

Posts: 12593
Location: Alaska
1309.02 Dollars($)
Post Posted: Thu Aug 02, 2012 12:00 am    Post subject:
Like
Dislike

Hi Dudeabides!

Welcome to forums!

If the property is still in your name, then you will be liable for paying the property taxes. You can surrender the property to the lender by using a quitclaim deed and try to get rid of it.

Feel free to ask if you've further queries.

Sussane
All times are GMT - 7 Hours
Page 1 of 1

 

Page loaded in 0.478 seconds.