Legal Question in Real Estate Law in New Jersey

Hello, I live in NJ, filed Chapter 7 , discharged in 2011, home was included and we left the home the day we filed, we attempted the deed in lieu but was denied due to squatters that moved in and destroyed inside, finally went up for sheriff sale through foreclosure.

It's been 4 years since discharge, and we can not obtain a mortgage because our names remain on the deed from the home we filed bankruptcy on.

I understand the bank would rather drag there feet on this, but in the meantime, kids and drifters continue to cause more damage to the home and the bank is asking almost 100 thousand dollars more then what the balance owed was, ( I guess to try and recoup losses from taxes and damages) but no one would ever bid on this home in the condition. It sits in which means this can linger on for a few more years.

Do I have any recourse to get our names off this deed so we can move forward? Thank you


Asked on 4/04/15, 9:54 am

1 Answer from Attorneys
John Corbett Corbett Law Firm LLC

Possibly. If you know someone who would benefit by temporary possession and use of the property and is likely to care for it in the interim, you might see if they are interested in a quitclaim. An individual would acquire the same credit problem that you have; a charity might not care. Don't try this without a lawyer. Utility service may be a problem. The bank may need to know an waive rent at FMV, etc. You have to come out of the transaction with no continuing liability for the property and the grantee has to be fully informed. You may want to raise that idea with a lawyer in your area and see what results.

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Answered on 4/05/15, 7:10 am


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