Quit Claim

[jmanford]

My home loans have been discharged through chapter 7 BK. Can I file a Quit Claim on my house to get off the Title?

[AngelinaCat]

My home loans have been discharged through chapter 7 BK. Can I file a Quit Claim on my house to get off the Title?

No. There is much more to it than just that. This thread will give you more information:

http://www.bkforum.com/showthread.php?63036-Quit-Claiming-Property-What-it-DOES-and-DOES-NOT-do

[jmanford]

Don't see anything there that answers my question.

[jmanford]

I owe nothing on the house. Loans have been discharged. Bank is jacking around and won't approve a short sale and have put foreclosure sale on hold. I want off the title.

[newbie2]

I owe nothing on the house. Loans have been discharged. Bank is jacking around and won't approve a short sale and have put foreclosure sale on hold. I want off the title.

Unfortunately there is nothing that you can do to rush the lender. They don't really want it back in their name either. What you may want to try is asking them to do a deed in lieu of foreclosure. They will probably say no, but it doesn't hurt to ask.

[tobee43]

try and take your time reading the thread...it's an excellent explanation of why the answer to your question is "no".

good luck with it...i'm still waiting myself for the darn bank to follow the "process" to get our names off that darn deed.

[despritfreya]

Why do you want to transfer the title? Transferring title does not remove the liens. If the loan is not serviced (paid) eventually the lender will foreclose its lien and take back its property.

Des.

[jmanford]

because I would like to get a new loan someday and the time clock doesn't start ticking until I am off that Title.

[despritfreya]

because I would like to get a new loan someday and the time clock doesn't start ticking until I am off that Title.

Not sure I agree with you but what you are suggesting is a transfer of the title to someone else so now it becomes that person's problem? Just doesn't make sense. Hoping someone else can clarify the advantage/disadvantage of what you are trying to accomplish.

Des.

[jmanford]

it doesn't make sense that I filed ch 7 and both my loans for my home were discharged? and that the bank is on the title and I am on the title and I want off it? I don't owe anything on the house. The bank is foreclosing. It's their house now. but, not technically because I am still on Title. It's already their problem. I can't qualify for a new home loan until I'm at least 3 years out of foreclosure. Well that 3 years doesn't start until I am off the Title to the foreclosed house. I know there are plenty of people in this forum that know what I'm talking about. Hopefully one of them will respond. thx

[newbie2]

As we said, you really can't do anything about the amount of time the bank is taking to finalize a foreclosure. Stories abound here about people in the same position as you are - (note discharged, but title still in their name). Try calling and asking if they will do a deed in lieu of foreclosure. It doesn't hurt to ask. Other than that, they can take all the time in the world to take the house back completely. They really are in no rush to add another house to their already burgeoning list of homes they have to sell.

[jmanford]

I understand what you are saying newbie, but whether or not I am on the Title doesn't make any difference to them. It's their asset now anyway.

[mrskal]

I know what you are talking about from what others are going through and have read here. No one that I have talked to or read about has gotten off the title unless they do a DIL or a short-sale. You said in your last post "it is their house now", well, technically it is still yours even though you dont owe any money on it, until it is actually sold at auction. Your home is not foreclosed, it is in the foreclosure process. I suspect I will be going throught the same shortly since mine is in the process too, being held up right now with the bankruptcy. Where I live, I have been told by my lawyer that I will still have about 6 months after BK, left in the house until it can even go to sale. I can only hope it goes quick. It also depends on where you live an who the lender is. If it is one of the big banks with a ton of foreclosures, it may take quite a while. I have one personal friend with Chase and she had not paid her motgage in over 2 years. It finally just went to auction.

[ccsjoe]

jmanford,

Unfortunately your situation is one many people find themselves in. Your mortgage debt was discharged, however you still have to go through the formality of a foreclosure, DIL or short sale in order to get your name off the title. The way laws go, you are still responsible for the property so long as your name is on title. It is not as simple as debt was discharged, not my problem anymore. There is nothing I have seen yet that would force a lender to foreclose any quicker. I know how frustrating this is, but it remains the reality since real estate law and bk law are completely separate...as is discharging a debt and getting your name off the title. It doesn't make sense, but it is the reality that there is this loophole that lenders can legally use to bind bk'ers to a property and further "punish" them.

[debee]

If you can find someone who is willing to accept the quit claim and your bk case is closed, you can do it. There are some requirements regarding both parties - like you have to be mentally sound and an adult and they have to be willing to accept the title and so on.

I spoke to a CA attorney about it who recommended I get the grantee (person to whom the property is quit claimed) to sign something indicating that they are aware there is a lien on a property, that you are in default, that the lender will foreclose on the property, that they will be liable if someone is injured on the property, that they will liable for city code in terms of maintenance, that they are aware of all these things, blah blah blah, etc. I would get it witnessed, signed by everyone, and notarized.

You'll also want to get the quit claim deed itself notarized and recorded. Some places require the grantee to sign, some don't. You can check with your local county office to find out all the requirements.

The quit claim part is easy and legal. The hard part will be finding a sane person willing to sign a notarized doc (thumb print, id and all) who wants the house.