Legal Question in Real Estate Law in Indiana

This was my previous post: I recently completed a Chapter 13 bankruptcy. At the beginning, the mortgage company would not work with us to reduce our payments. Our attorney said we could not afford the payment so stop paying and let them foreclose. The bank never did. Instead we got a letter saying the loan was charged off. It said we would retain ownership and possession of the property. I checked with the county recorder office and there are no liens showing against our property anymore. A local banker said that if the mortgage company charged off the loan, that we should not waste sending them our money. My question is if the loan is charged off and no liens are showing against the property, do we own the property now?
There was no foreclosure or sherriff's sale occured. Nothing was done. On the mortgage filed at the county recorder office, it says "Satisfaction of Mortgage" and says that mortgage is discharged and/or cancelled by the lender. What does this mean?

Asked on 4/08/11, 5:06 am

Jay Rigdon Rockhill Pinnick LLP

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It means that the bank no longer holds a lien on the properety, which is not necessarily the same thing as you not owing them money anymore.

Answered on 4/08/11, 6:18 am

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