QUESTION

Legally do I own the home?

Asked on Mar 27th, 2013 on Foreclosures - North Carolina
More details to this question:
I filed bankruptcy in 2007 the mortgage company has tried to get a quiet title to the home three times with no success. I have deed to my home. A title search was never done.
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4 ANSWERS

If the mortgage company has not successfully foreclosed and got a deed, you probably still own it.
Answered on Apr 01st, 2013 at 2:13 AM

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David John Tybor
If you received a discharge in the bankruptcy you are no longer liable for note, or the amount of money owed to the lender. However, the creditor still has "in rem" relief. In other words, they can foreclose on the home because they have the mortgage or lien. Mortgages and liens, survive a bankruptcy. The deed is a recorded document that indicates you OWN the home, but if you took a mortgage out on the home, the lender can take the home back. Because of your bankruptcy, you are not liable for any deficiency if the lender sells the home for less than what you owed.
Answered on Mar 31st, 2013 at 8:23 PM

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You should definitely get a title search done. Even if the lender has not been able to quiet title, if the deed of trust (mortgage) is still recorded, then it remains as a lien against the property. Nobody is going to buy the home with this cloud on the title without you paying off the loan. If you have a good legal basis for the deed of trust being invalid, then in order to legally own your home free and clear, you would have to file your own quiet title action.
Answered on Mar 31st, 2013 at 8:17 PM

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Business Bankruptcy Attorney serving Raleigh, NC at J.M. Cook, P.A.
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Physical possession of the deed does not denote ownership but this is a common misconception. The mortgage company is a successor in interest to you so if it is trying to quiet title with no success, the simply means that you may not have had good title to pass to it under the deed of trust and it is trying to prevail against the interests of a third party. The mortgage company foreclosed your interest so it doesn't sound like you own your home but the mortgage company may not either. Would need a lot more info to give a better answer.
Answered on Mar 31st, 2013 at 8:03 PM

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