What can I do if I no longer want to own my home? 3 Answers as of August 22, 2011I filed and bankruptcy was discharged. Bank has not foreclosed on the home, which I want them to do. Attorney for the bank told me they have canceled the foreclosure, for what reason, I do not know. Do I still own the house? If so, how do I get it out of my name? I want nothing more to do with it. Thank you.
The Law Offices of Mark Wm. Hofgard, Esq. | Mark Hofgard
In the bankruptcy matter you can disclaim your interest in the home. You can also contact the bank and seek a deed in lieu (give them title in exchange for a release). Since you probably still own the home, you can deed your interest to anyone, but they will take title subject to any existing security interests filed on the property (like the mortgage). If the property is worth more than the mortgage, you should try to sell the home. If the property is worth less than the mortgage, you could short sell the home. This is a document-intensive process that requires lender approval. Lastly, if the lender will not foreclose and does not wish to exercise its rights, you could file an Action Concerning Real Estate and seek to quiet title to the property.
Answer Applies to: Colorado