Posted on: 03rd Feb, 2009 08:23 am
in 2005 i filed chapter 7 bankruptcy before the law changed. i got my discharge on february 8, 2006. i called both of the mortgage companies, one for each property. both refuse to foreclose on the properties. i want to know how to get the mortgage released from the properties. i was told to file a quiet title on them. any suggestions would be appreciated. thank you.
Hi pansat,
What you can do in this situation is, you can do a deed in-lieu-of foreclosure which allows you to hand over the property to the lender. You need to sign two documents: an agreement in lieu of forecloser and a warranty, quitclaim or grant deed. The agreement states the terms and conditions and the deed transfers the title of the property to the lender. The lender then marks your (the borrower's) note as "paid". Thus you can make the lender foreclose on your property.You can also sell the house and pay off the debt with the sale proceedings.
What you can do in this situation is, you can do a deed in-lieu-of foreclosure which allows you to hand over the property to the lender. You need to sign two documents: an agreement in lieu of forecloser and a warranty, quitclaim or grant deed. The agreement states the terms and conditions and the deed transfers the title of the property to the lender. The lender then marks your (the borrower's) note as "paid". Thus you can make the lender foreclose on your property.You can also sell the house and pay off the debt with the sale proceedings.