If real estate property is surrendered in a BK, is transfer of title after discharge considered a deed in lieu of foreclosure?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If real estate property is surrendered in a BK, is transfer of title after discharge considered a deed in lieu of foreclosure?
Asked on July 9, 2011 under Bankruptcy Law, Florida
Answers:
M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
So what you did was discharge the debt (the mortgage) in the bankruptcy, correct? But what do you mean that "title was transferred" after the bankruptcy? Generally a bank forecloses the property discharged in order to have the title formally transferred. So what did you do: transfer voluntarily? What did the deed say? You need to have something from the lender to protect yourself here. You would execute a Deed in Lieu of Foreclosure and you need to make sure that there is no issue about a deficiency - which there should not be with the discharge. Please ask your bankruptcy attorney or trustee for guidance here. Someone needs to look at ALL the paperwork together. Good luck.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.