If real estate property is surrendered in a BK, is transfer of title after discharge considered a deed in lieu of foreclosure?

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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 11 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.


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