Posted on: 26th Dec, 2010 01:55 pm
we have successfully completed a cchapter 7 bankruptcy. we have included our home in the proceedings. we had a first (chase/emc) and second (citi). the foreclosure had just begun. we have designs on moving out in the next 45-60 days. we do not want to be tied to this property any longer. the lender paid our taxes for 2011. our insurance expires at the end od the year. would it be a) quicker and b) more advantageous for us to sign a quit claim deed? and, should we go to a lawyer to complete this properly? and, what impact does the second (citi) have on us doing so? please advise
Welcome effedinflorida,
You can sign a quitclaim deed and surrender the property to the lender. It will be easier for the lender to sell off the property. However, unless your property is sold off, you may be held liable for the property taxes and insurance premiums. So, you should make sure that your lender sells off the property asap. You can contact a real estate attorney and take his help in drafting the deed. As the second loan has been discharged in your bankruptcy filing, I don't think the second lender will be able to come after you to recover their dues.
You can sign a quitclaim deed and surrender the property to the lender. It will be easier for the lender to sell off the property. However, unless your property is sold off, you may be held liable for the property taxes and insurance premiums. So, you should make sure that your lender sells off the property asap. You can contact a real estate attorney and take his help in drafting the deed. As the second loan has been discharged in your bankruptcy filing, I don't think the second lender will be able to come after you to recover their dues.