Sold at Auction, Confirmation Hearing on 10/4 -- when am I no longer "responsible"?

[goblue]

Included house in BK7. It was sold at auction on Sept 16th. The confirmation hearing was October 4th (I did not attend).

When are we officially off the deed of this property? I have not received *anything* in the mail regarding the sale or confirmation even though the attorney claims they mailed it. Do we get some type of notification that the deed has changed?

I called the recorder of deeds office and so far they don't have any changes. They said it means the owner has not dropped off the new deed to their office yet (assuming it was confirmed). Do you know if I'm held responsible (homeowner insurance) until the deed is on file or will it revert back to the confirmation date no matter when its filed?

As mentioned before, the new owner already (illegally) changed the locks and took possession BEFORE the confirmation hearing so I am pretty confident they did not back out of the deal.

Can't wait until we can officially close this chapter and begin moving foward.

[tobee43]

well, you are indeed ONE of the lucky ones!!! we have been in foreclosure for over 2 years!!

i have learned that really it's no big deal to have your name on the deed...i was obsessed with it for the longest time...and now, it simply does not matter in the least.

once the sale has taken place and title cleared and deed exchanged you're done...but actually you were done before that...you were done when the debt was discharged and you surrendered the house which was the collateral.

but congrats!! you are far and few between!

[drowning123]

So, Tobee, after discharge, there's no need to pay home owner's insurance even if my name is still on the deed?

[tobee43]

So, Tobee, after discharge, there's no need to pay home owner's insurance even if my name is still on the deed?

that's correct...you will not need to pay the taxes....or insurance...on HOA if that applies to you.

the banks got it now...it's their's and they pay!

the deed will not transfer until after the sheriff's sale or they come to you with a warranty deed...which most likely that will not with all this mess going on.

once your discharge you're fine!

[drowning123]

Nice to know! Thanks. The insurance is not much per month, but that's one less expense.

[Pandora]

hold on a sec - until the deed is out of your name and into the banks - you are still legally the owner. Personal liability insurance should be carried until such time because if someone gets injured on the property you will be held liable.

There are many posts on here regarding this very topic.

[tobee43]

hold on a sec - until the deed is out of your name and into the banks - you are still legally the owner. Personal liability insurance should be carried until such time because if someone gets injured on the property you will be held liable.

There are many posts on here regarding this very topic.

pandora...once the property is surrendered you are no longer responsible.(except for HOA if applicable), we have looked into extensively, of course, because and especially our property is out of state etc.


here's what happened....the company holding our homeowners insurance called us and said we no the property is vacate...we are sending YOU back the check on the homeowners insurance. i was really puzzled about the situation. this is a major company and it was explained that if the insurance was included in your mortgage, (which ours was) that amount gets added back into the actual foreclosure "fees". not exactly happy with her answer i called our atty....they said NO...you are absolutely no longer liable for anything other than HOA.

if, and, since surrendering the property in federal court the bank choses to not put NO trespass signs up, or one of their employees while maintaining the property gets hurt...that's the bank's responsible since the property was surrendered in writing and included in a federal "docket number".

being more like YOU....that STILL was not good enough for me...so we sent the bank a certified letter advising them enter at their own risk until the deed is taken out of our names. our atty said that was a waste of time, but if it made me feel better...so be it.

the atty continued to explain a surrender is a surrender, and the date that the bank rec'd notification by the courts of that surrendering it is now theirs...now if we were still on the premises that's a different story.

[Pandora]

pandora...once the property is surrendered you are no longer responsible.(except for HOA if applicable), we have looked into extensively, of course, because and especially our property is out of state etc.


...now if we were still on the premises that's a different story.

Hiya Tobee

Yes I understand what you meant originally however I wanted to make sure that others reading this did not think "oh...I dont have to pay since I'm surrendering the house" because thats how it reads. If you are planning on staying until you're "kicked out" - then yes you do need to carry insurance until the time the deed is out of your name or you vacate. Certain things apply to certain situations.

Just wanted to make sure people were clear on it

[tobee43]

Hiya Tobee

Yes I understand what you meant originally however I wanted to make sure that others reading this did not think "oh...I dont have to pay since I'm surrendering the house" because thats how it reads. If you are planning on staying until you're "kicked out" - then yes you do need to carry insurance until the time the deed is out of your name or you vacate. Certain things apply to certain situations.


Just wanted to make sure people were clear on it

right you are, and that's important that you pointed that out.......that needed to absolutely be made clear. you MOST certainly need to cover everything if you are still there ....and you're right, that was written way to "general".

every situation is different...but truthfully, even though it was explained clearly to us by our atty........i'm STILL uncomfortable about it!!! until that deed is taken out of our names!!