Quit Claim Title back to the Lender?

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Icon Mini Profile acmerockets





Joined: 31 Aug 2010

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Post Posted: Tue Aug 31, 2010 9:30 am    Post subject: Quit Claim Title back to the Lender?
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House was surrendered to lender in Bankruptcy (California). Over a year and bank still has not started foreclosure. House is vacant for over a year, I'm several hundred miles away from that town now.

I am still getting insurance, taxes & code enforcement notices. How do I get my name off the Title? Will a quit-claim (back to the lender) do the trick?
Icon Mini Profile adonis
adonis




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Post Posted: Tue Aug 31, 2010 10:47 pm    Post subject:
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Hi acmerockets,

As the property is not been foreclosed by the lender, you would still be considered as the owner of the property. Thus, you would be liable for insurance, taxes and code enforcement notices. You can ask the lender to foreclose the property asap so that you can get rid of it and won't be liable for any dues.

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Icon Mini Profile acmerockets





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Post Posted: Wed Sep 01, 2010 1:07 pm    Post subject:
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Lender wants to do a 7-page deed-in-lieu, instead of a quit claim. The mortgage debt was eliminated in Bankruptcy. Now just interested in having Title changed.
Icon Mini Profile acmerockets





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Post Posted: Wed Sep 01, 2010 1:12 pm    Post subject:
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so..... my question is: what's the difference between the Lender's deed-in-lieu preference over my filing of a Quit Claim with the County Recorder? My debt has been relieved, I just want name off Title.

What if the Lender's 7-page deed in lieu document is full of loopholes that might jeopardize the protections already achieved in the Bankruptcy?
Icon Mini Profile smithsussane
smith.sussane




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Post Posted: Wed Sep 01, 2010 11:28 pm    Post subject:
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Hi acmerockets!

Welcome to forums!

A deed in lieu of foreclosure will help you in getting rid of the property and you won't be liable for the property taxes and maintenance fees. If the mortgage has been discharged in the bankruptcy filing, then the lender cannot come after you for the deficient balance resulting from the sale. You should go through the deed in lieu of foreclosure document and ask the lender for clarifications if you've any doubt.

Feel free to ask if you've further queries.

Sussane
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