What to do if my house was foreclosed on and an auction sale was set but there was no sale and I want my name off the deed?

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What to do if my house was foreclosed on and an auction sale was set but there was no sale and I want my name off the deed?

According to records I still own the home. I want to relieve myself of responsibility since I am no longer technically the owner. Either the bank is dragging its heals on deeding the property into there name or they don’t plan on ever doing it. Either way, how do I relieve myself from this responsibility or make the bank do what they are supposed to do?

Asked on June 7, 2012 under Real Estate Law, Missouri

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

You are legally responsible under the loan for the home that you purchased pending any foreclosure sale by the lender of the security (the home) for the loan that you received.

Unfortunately, there is nothing that you can do with respect to the home that you are writing about to get you off legal title to it other than transfer title to it to some third party. By doing this, you are still obligated under the loan. Until the secuirty is foreclosed upon or you transfer title of the property to the lender by "deed in lieu of foreclosure" you are still obligated on the loan.

I suggest you consult with a real estate attorney further about your matter to see what else can possibly be done to resolve the situation that you are presently in concerning your property.


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