You might want to consider a deed in lieu of foreclosure. You should consult an attorney about this.

Answer Applies to: Michigan
Replied: 10/5/2011

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No. Unfortunately there is no way to speed up the foreclosure process.

Answer Applies to: California
Replied: 9/19/2011

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Many of the horror stories are true. Even though you do not live in the home, until your name is off the deed officially you can be held liable for condo fees, maintenance, taxes and other expenses. If the mortgage company is delaying taking action, you may be able to issue a Deed in Lieu of Foreclosure, deeding the property back to the Bank without delay. Please speak with an attorney about your options.

Answer Applies to: New Hampshire
Replied: 9/19/2011

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You own it until there is a foreclosure sale. You are responsible for code violations until that point. The banks are moving at their own speed for their own reasons and there is no way to speed that up.

Answer Applies to: California
Replied: 9/19/2011

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This a typical scenario and unfortunately there is not a lot you can do. You might contact your lender and discuss a short sale with them. Other than this they may allow a deed in lieu of foreclosre. My advice would be to try and maintain the home so that the scenarios you indiocated do not occur.

Answer Applies to: California
Replied: 9/19/2011

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This is an issue that is sure to arise more in the future. It involves the question of what constitutes "surrender" of real property. Under the Bankruptcy Code a debtor can surrender any property that serves as collateral for a debt. To surrender means to give the property to the secured creditor and walk away from any deficiency that is owed. With personal property, such as cars, boats, furniture, electronics, etc., surrender is easy. Just take the item to the creditor and drop it off. Real property is more difficult. Giving the keys to the bank isn't enough because title to the real estate is still in the debtor's name. Recording a quitclaim deed that ostensibly transfers title to the bank may not suffice, either, because under the law a deed has to be accepted in order to transfer title. No one can force another person to take title. As you note in your question, you have continuing liability if the property stays in your name, such as for maintenance of the yard, liability if someone slips and falls on your property, liability for property taxes, etc. You should consult an attorney about how best to force the bank to accept title. It might be that you need to file a motion with the bankruptcy court to obtain an order requiring the bank to accept a deed evidencing the fact that you have surrendered the house.

Answer Applies to: Utah
Replied: 9/19/2011

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First off you should understand that the foreclosure process in Massachusetts is highly technical and a very slow process. What seem like them dragging their feet may actually just be delays in the Land Court before they get their judgment. With that said, the only thing you can really do is contact your lender and let them know that you want to negotiate a deed in lieu of foreclosure. In that circumstance you would be giving them a deed to your house rather than requiring them to go forward the foreclosure process. The complication in your case is the second mortgage holder. The second mortgage holder does not need to go along with the deed in lieu they will likely be getting nothing in the deal. The first mortgagee will still need to foreclose the mortgage in order to extinguish the second mortgagees’ lien, unless the second mortgagee agrees to voluntarily discharge their mortgage.

Answer Applies to: Massachusetts
Replied: 9/19/2011

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You could contact the mortgage company and offer to givr them a deed in lieu of foreclosure which would save them the costs of foreclosing.

Answer Applies to: Georgia
Replied: 9/19/2011

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Unfortunately I don' think there is much you can do. The house is titled in your name until 1st mortgage holder actually sets a sale date. This is a huge problem. If I talk to my clients early enough I advise them to stay in the house until foreclosure sale and pay HOA dues. It sounds like you have already moved out. Other BK attorneys have floated the idea of giving lender a quit claim deed, but I don't know if anyone has ever tried it. I know there have been a very few instances of homeowners getting fined for not mowing he grass etc, but that is rare. Fines associated with citations are a cloud on the title and probably will be paid by the eventual buyer at foreclosure sale.

Answer Applies to: Colorado
Replied: 9/18/2011

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Unfortunately no. And those horror stories are true.I have heard of people allowing charities to use, but as of now I haven't heard of any one being able to force them to ake the house.

Answer Applies to: Michigan
Replied: 9/18/2011

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No - You can't make the mortgagee the owner unless they want to be. You bought the home they only loaned you the money to do so. I would nevertheless contact them and see if they take a deed in lieu.

Answer Applies to: Michigan
Replied: 9/17/2011

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The best bet is to keep on the bank to move on the foreclosure. Offer a deed-in-lieu.

Answer Applies to: Indiana
Replied: 9/17/2011

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If your foreclosure case is still active, then you can file a Motion to Compel Plaintiff to Proceed to a Foreclosure Sale or Judgment. If there are no legitimate defenses raised by the Plaintiff, then there should be no reason the Judge won't grant your motion and order the Plaintiff to proceed to a foreclosure sale.

Answer Applies to: Florida
Replied: 9/17/2011

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Seek a deed in lieu of foreclosure, which is difficult, or try to sell the property, possibly as a short sale. The horror stories are true, and the lender doesn't want the responsibility for the grass either, since they can't sell the properties quickly.

Answer Applies to: Illinois
Replied: 9/17/2011

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The legal title to the property remains in your name until a judgment of foreclosure is entered by the court and the property is sold in judicial sale - which also has to be confirmed by the court. So even though your loan obligations to the banks have been discharged in bankruptcy, the title to the property remains in your name until all the above steps have been taken. Also that is true regardless of whether you still live in the house, or not. Check with your attorney about your obligation for utility bills, home insurance, etc.

Answer Applies to: Illinois
Replied: 9/17/2011

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A "Relief of Stay" is just a legal process to remove the house from the bankruptcy estate. It does not indicate any time table when it comes to foreclosing on a home. One thing you might consider is to see if the mortgage company will do a deed in lieu of foreclosure. That is where you transfer the deed to the mortgage company and it resolves your issue. Other solution is to short sale the home. If neither works, then unfortunately, you have to wait until the bank finally forecloses on the property.

Answer Applies to: Colorado
Replied: 9/16/2011

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If your lender has not started foreclosure, contact them as to a deed in lieu of foreclosure.

Answer Applies to: California
Replied: 9/16/2011

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There is nothing you can do. You do not have the legal right to force a foreclosure. You are still the owner and cannot walk away from liability for what happens at the property. You must keep the property secured and insured. You can transfer title to someone who is willing to accept the deed from you. You cannot obtain another Chapter 7 bankruptcy discharge for 8 years since you last filed so you need to be careful about incurring debts (liability) after your bankruptcy case. In some areas there might even be criminal liability for abandoned property.

Answer Applies to: California
Replied: 9/16/2011

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As I am sure your attorney told you, there is no way you can make them hurry and most of America's banks are grossly mismanaged and will take a long time to exercise their rights. I am sure your lawyer told you to keep living there free until they foreclosed, so enjoy the free rent. Your situation only becomes that horror story if you move from there too soon.

Answer Applies to: Georgia
Replied: 9/16/2011

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You can contact the bank and offer to sign over title of the property, but if they are not interested in a deed in lieu of foreclosure, there is nothing you can do to speed up the foreclosure process.

Answer Applies to: Colorado
Replied: 9/16/2011

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Until the house is sold your name remains on title and you are responsible for any charges you would have been responsible for as if you were still living in the house. Talk to the bank and see of they will take the house from you , so you can get it out of your name. Otherwise, it's still yours.

Answer Applies to: California
Replied: 9/16/2011

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