QUESTION
If I filed bankruptcy a few years back, why would my name still be on the title of a home?
Asked on Feb 18th, 2013 on Bankruptcy - North Carolina
More details to this question:
I filed bankruptcy in 2009. The lender did not reaffirm debt. The name is still on title. I'm having a problem trying to buy another house because they say my name is still on title. Is this legal, correct or right?
18 ANSWERS
Construction Litigation Attorney serving Mission Viejo, CA
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Law Office of Christian F. Paul
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Filing bankruptcy may end with a discharge of the debt to the lender (presumably it did in this case), but unless you sell or give away the property, or the lender forecloses and sells it or keeps it, you are going to remain the record owner. Your question doesn't contain enough facts to answer any more specifically. Maybe a visit with a local attorney experienced in bankruptcy and real estate matters will help you get the specific information you need. Good luck to you.
Answered on Feb 24th, 2013 at 9:18 PM
The undoubted reason that you are still the titled owner to the property is because your mortgage lender has yet to complete a foreclosure proceeding. You remain the owner of the property until (1) the house is sold at a foreclosure auction sale, (2) you give to the lender, and they accept from you, a deed in lieu of foreclosure, (3) the house is sold by you, probably at a lender-approved short sale, or (4) the house is sold for unpaid property or school taxes. The act of "surrendering" a house and obtaining a bankruptcy discharge only relieves you of the obligation to pay the mortgage(s), it does not change the fact that you are the owner of the property.
Answered on Feb 24th, 2013 at 8:22 PM
Yes, maybe and "I don't know". Did you surrender the home? Was it foreclosed? How long ago did you move out? Did you sign a deed in lieu of foreclosure?
Answered on Feb 21st, 2013 at 11:27 PM
Your name should not be on the title of the previous house. You should contact the mortgage lender to request that your name be taken off title. This may just be an oversight on the lenders part.
Answered on Feb 21st, 2013 at 3:28 PM
Bankruptcy Attorney serving Petaluma, CA
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Law Office of Andrew Kern
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Bankruptcy does not change title designations so your name remains on title.
Answered on Feb 21st, 2013 at 3:27 PM
Filing a bankruptcy eliminates your personal obligation to pay debts. It does not, by itself, take your name off of the title to property.
Answered on Feb 21st, 2013 at 5:00 AM
Unless the lender foreclosed, or you deeded the home to the lender or someone else, you still are the owner. You could contact the lender and offer to do a deed in lieu of foreclosure.
Answered on Feb 21st, 2013 at 5:00 AM
Bankruptcy Attorney serving Madison, WI
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Richard B. Jacobson & Associates, LLC
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A bankruptcy does not necessarily divest you of title to property, although in some cases it could. But quite often there is not enough value in the house above the debt and your exemption to motivate a trustee to acquire it. And even if he did, he would sell it. You should see the lawyer who represented you in the bankruptcy, or find a lawyer skilled in bankruptcy and real estate matters. You certainly need to know how the house has been used since the bankruptcy.
Answered on Feb 21st, 2013 at 4:59 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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Bankruptcy does not remove your name from the title. Foreclosure does.
Answered on Feb 21st, 2013 at 4:59 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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Your name is still on the house unless you either sold the house or the lender foreclosed. You need to be careful because there may be ongoing HOA dues or insurance issues. Talk to a good real estate/foreclosure attorney licensed in the state where the property is located.
Answered on Feb 21st, 2013 at 4:58 AM
Deborah F. Bowinski
If there has been no foreclosure yet on the property then it is still titled in your name. Unfortunately, this has become a big and somewhat hidden problem for many people who file bankruptcy or who just walk away from homes. IF you wish to get the property out of your name your best bet might be to try to do a short sale.
Answered on Feb 21st, 2013 at 4:57 AM
Bankruptcy Attorney serving Alpena, MI
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Carl C. Silver Attorney at Law
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If the mortgage holder never foreclosed on the home, you would still appear as the owner in the chain of title.
Answered on Feb 21st, 2013 at 4:56 AM
Chapter 13 Bankruptcy Attorney serving Winston-Salem, NC
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Love and Dillenbeck Law
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It is 100% legal. Bankruptcy does not take your name off of the title to property. It only removes your liability on debts. The only way to get the home out of your name is to sell it or give it to the mortgage company through foreclosure or a deed in lieu.
Answered on Feb 21st, 2013 at 2:45 AM
Richard hirsh
Was your home in foreclosure? Did you move out? I suspect that the lender probably has not completed the foreclosure on the prior home. Or maybe they have not recorded the deed from the foreclosure.
Answered on Feb 21st, 2013 at 2:45 AM
Bankruptcy Attorney serving Overland Park, KS
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Wellman Law LLC
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"Surrendering" a home to a mortgage company in Bankruptcy is unfortunately more of description of intentions than it is a transfer of property. Many debtors don't realize that they are still liable for upkeep, safekeeping etc. until there's an actual transfer through foreclosure or a deed in lieu of foreclosure. Furthermore there's really no way to force the lender to foreclose, at least in Kansas and probably most states. The lender may be waiting for property values to increase and may not want to be liable for the upkeep in the meantime. Perhaps they would do a deed in lieu of foreclosure.
Answered on Feb 21st, 2013 at 2:43 AM
The bankruptcy filing only discharges your personal liability on the debt but it does not transfer title of the property, therefore you can remain as the title owner of the property after the discharge is received and the bankruptcy case is closed. You can contact lender to complete the transfer of the property via a deed in lieu or short sale of the property. If there is an HOA, you will be responsible for the assessments accrued after the filing of the petition.
Answered on Feb 21st, 2013 at 2:41 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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Many lenders today do nothing when they take back a home until they can sell it. YOu can draft a quit claim deed transferring the home back to your lender.
Answered on Feb 21st, 2013 at 2:39 AM
Bankruptcy Law Business Attorney serving Asheville, NC
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Pitts, Hay & Hugenschmidt, PA
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If the lender did not foreclose, you would still own the property.
Answered on Feb 21st, 2013 at 2:38 AM