Legal Question in Real Estate Law in California
i own a house in california. i haven't made payments for one year now. i filed bankruptcy chapter 7 and included my first and second loans in the BK. My bank hasn't set a foreclosure sale date yet, and they say i have to try and short sale it before they will accept a deed in lieu. The bankruptcy papers says I am absolved of all of my debt including both loans. Can I just quit claim the house to the bank or someone else to get my name off title to the property?
2 Answers from Attorneys
You cannot deed property to another person or entity without them accepting it. A deed is only effective upon delivery and acceptance. You could record a quitcliam deed to the bank, but it would result in record title not properly reflecting legal title. Why are you so anxious to get off title though? Why not live in it or rent it out until the bank forecloses? If you really just don't want the property and want to walk away, please contact me. I may have options for you.
You should talk to your bankruptcy attorney. When you file bankruptcy, the property that you own becomes part of the bankruptcy estate, which is usually administered by the bankruptcy trustee. The lender retains the lien on the property, regardless of any discharge.
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