property is bank-owned. Now what?

[desertgrl74]

So now that my property is bank owned shouldn't my name be off of the property? Or does it need to sell in order for my name to get off the property?

[desertgrl74]

I've noticed too that on the county recorder's website there were 3 total assignments recorded. There were 2 for my mortgage company on two seperate dates, the 2nd one to fannie mae just last monday. What I'm wondering is why hasn't it been recorded on the assessors website for the property. I'm planning on calling but was wondering what the deal is. Do they need to do get the deed first and then take my name off?

[bulletproof77]

It takes a while..It took a total of 35 days for my house to record the new ownership. It will show as being owned by Fannie Mae. But, once you know it's sold, it is officially no longer your property. Forget the taxes, insurance and all that stuff. Your done..They will have a new deed with Fannie's name on it.

[tobee43]

desertgrl74...did you list your house on a chapter 7?? if you did, the entire debt is discharged and the deed will NOT change until after the foreclosure procedure is complete....

your PMI covers and backs your loan, but the banks are slow in turning taking the property out of the old owners name....we had two properties...1 worked with us to remove our names from the deed...the other one...which is govenment backed refuses to move an at all....so we just wait it out...but have no financial responsiblility because our bankturpcy was discharged and the mortgage was listed and the house surrendered.

[desertgrl74]

Thanks for the info. I had filed chp 7 no asset in 2009. I was going to keep it and was current when I filed, but that changed and ended up getting behind on payments. Anway my case is officially closed now. So, I guess I'll just wait for the deed to change over. I just found it ironic that I found my condo up for sale online and is listed as REO bank owned, but yet the papers were recorded for the records and not the assessor (actual property). My name is still on the record as owner. But, I guess I just have to wait it out.

[tobee43]

well, i would call your attorney...i know the state that my property is in, if i had NOT listed it on my banktuptcy i could have been responsible for all the foreclosure cost...and in THAT state they could run as high as between 50-100k!

if you filed before you foreclosed and didn't list the mortgage, i would find out from your attorney where you stand.

[bulletproof77]

The assessor will still use the old owners name until the "new" owner pays any taxes owed. It means nothing. Technically and legally, you don't own it.

[tobee43]

The assessor will still use the old owners name until the "new" owner pays any taxes owed. It means nothing. Technically and legally, you don't own it.

i hope your right bullet...we are having such problems...i just want the darn thing out of our names!! NOW!