Quit claim property back to bank? 2nd question?

Question

I will give more details.

My lender is Bank of America.  2 years ago I was told the house would be foreclosed.  I moved out a week before the foreclosure sale.  11 months later and 4 tickets for codes violations I was finally told they did NOT foreclose on the property.  Still paying on fines.  When I moved out I also cancelled the alarm service.  

So now the house is completely destroyed,  No pipes, No furnace, No hotwater heater and holes in the walls.

I mailed paperwork to quitclaim the property back to the bank.  I have told them multiple times if they had been honest about the foreclosure I would have never cancelled the alarm service.  

After a year I was finally told this was an intent to foreclose.  The bank has since charged off my loan and the house is two years behind in county taxes.

I am trying to get a good idea as to how long it will take to get my name removed from county records as the property owner?

I literally can not afford to fix this house and refuse to do any further maintenance.

After the give back.  What happens to the $90,000 home loan?  I plan to file bankruptcy in Jan. Unless I win the lottery real soon I have no funds to pay back 90k.

sophieb · Accepted Answer

Sometimes hindsight is better than foresight.  Looking back you should have tried to sell the home rather than let it get foreclosed on  It seems you didn't understand what the paperwork was saying and should immediately have contacted a real estate attorney to help you sell the home and get that $90k waived.  I don't know if bankruptcy will clear that $90k but sounds like a good idea to check that out with an attorney.  Seems to me when a person buys a home (it's put up for auction by the bank) that the new owner would get to pay the back taxes if they wanted the home that bad so ask your attorney about that.  Your name gets off all the records when everything is paid, or when attorneys solve this for you.  If your loan was charged off on your credit report it may mean just that they won't come collecting on it from you, BUT that you still owe it, so sure list it in your bankruptcy.

realtor.sailor · Answer

You should not have vacated until foreclosure was filed.  But, that's water over the dam.  The bank does not (and usually won't) have to accept the quit claim deed.  It's called a deed in lieu of foreclosure.  By accepting a deed the bank forgoes any options they have for the deficiency balance and they don't want that.  

realtor.sailor

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Quit claim property back to bank? 2nd question?

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