QUESTION

If a house is signed away in a bankrupsy how long should it take for the bank to take title?

Asked on Jul 09th, 2012 on Bankruptcy - Maryland
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Bankruptcy Attorney serving Burbank, CA
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I'm not sure what you mean by "signed away".   In order to take title, a bank must foreclose on the property, unless you give them a deed in lieu of foreclosure (which you cannot do while in a bankruptcy case).  In order for the bank to foreclose while you are in a bankruptcy case they must first obtain permission to foreclose from the bankruptcy court, and then take whatever steps are required under your state's laws to foreclose. None of the above guarantees that the bank will foreclose--in fact, in many cases over the past couple of years, banks have just let the properties sit, in which case liability for things such as HOA dues and premises liability remain the responsibility of the debtor/owner.  Mark J. Markus, Attorney at LawCertified Bankruptcy Law Specialist--State Bar of California Board of Legal SpecializationHandling exclusively bankruptcy law cases in California since 1991.http://www.bklaw.com/bankruptcy blog: http://www.bklaw.com/bankruptcy-blog/Follow Me on Twitter:  @bklawr
Answered on Jul 09th, 2012 at 6:18 PM

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