Bankruptcy in 2009 but name STILL ON DEED!

[Anonymous]

I hope someone out there has some advice for me, please! My husband and I completed our bankruptcy in 2009 and did not reaffirm our mortgage. We lived in the house (stay and pay) for a few years and then left it. We just found out that our name is still on the deed (Wells Fargo has not taken it off yet). Nothing from the house shows up on our credit reports, other than saying that it was dismissed in bankruptcy. Should we worry about this as we are trying to get a new mortgage (no of my LO's have mentioned anything about it being a problem right now, as long as the house was dismissed in the bankruptcy but I'm afraid that UW will find it). Do I need to get a court order to make WF take our name off the deed? Any advice would be greaty appreciated!

[StartingOver10]

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@Anonymous wrote:

I hope someone out there has some advice for me, please! My husband and I completed our bankruptcy in 2009 and did not reaffirm our mortgage. We lived in the house (stay and pay) for a few years and then left it. We just found out that our name is still on the deed (Wells Fargo has not taken it off yet). Nothing from the house shows up on our credit reports, other than saying that it was dismissed in bankruptcy. Should we worry about this as we are trying to get a new mortgage (no of my LO's have mentioned anything about it being a problem right now, as long as the house was dismissed in the bankruptcy but I'm afraid that UW will find it). Do I need to get a court order to make WF take our name off the deed? Any advice would be greaty appreciated!

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I hope you mean "discharged" and not "dismissed". 

When you are successfully discharged from bankruptcy, it discharges your personal responsibility to repay the debt. However, in the case of a mortgage it really is a two step process. The deed has to transfer from you to another buyer or the bank.  In order to get your name off the deed, you have to do step two which is either have the bank foreclose, OR have a Deed in Lieu OR Short Sale (if applicable) OR regular sale.   The status of the deed will be questioned by the u/w. It is public record and very easy for anyone to look up to see that it is still in your name. The date that the u/w uses is the date it transfers out of your name to the new buyer's name (or banks name).

Are you upside down in the house? If so, put it on the market and short sell it so you can start the clock running for your recovery period.

[Anonymous]

Yes, I meant discharged. The problem is that we walked away from the house quite some time ago. Our LO said it is just a technicality and that Wells Fargo decides when and how they will take our name off the deed. I'm so confused, and it would really suck to have to wait at least another two years? We have already waited FIVE years past our discharge to start thinking of buying a home again!

[ezdriver]

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@Anonymous wrote:

Yes, I meant discharged. The problem is that we walked away from the house quite some time ago. Our LO said it is just a technicality and that Wells Fargo decides when and how they will take our name off the deed. I'm so confused, and it would really suck to have to wait at least another two years? We have already waited FIVE years past our discharge to start thinking of buying a home again!

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Sound like your LO is "green". Find another. You will not be able to get your name of that deed except in one of the ways already suggested. Your LO should know this.

[StartingOver10]

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@ezdriver wrote:

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@Anonymous wrote:

Yes, I meant discharged. The problem is that we walked away from the house quite some time ago. Our LO said it is just a technicality and that Wells Fargo decides when and how they will take our name off the deed. I'm so confused, and it would really suck to have to wait at least another two years? We have already waited FIVE years past our discharge to start thinking of buying a home again!

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Sound like your LO is "green". Find another. You will not be able to get your name of that deed except in one of the ways already suggested. Your LO should know this.

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^^^Yep. And if you don't get pro-active with it WF can take another few years to f/c. If the deed is in your name, you have the power to sell the house. If it is upside down in value - then you do have to go through the short sale process and get WF permission to accept a short sale. Many times when you start the short sale process then the lender acclerates the f/c process. Either way it ends, ss or f/c your name would be removed from the deed so you can get started on your recovery/rebuilding.

[Anonymous]

How did you make out with your situation??? I'm in the same exact boat I'm trying to research the crap out of it. But I'm afraid that the mortgage company just doesn't care to foreclose on the home. Kind if just sitting there forgotten about. But we are trying to buy another house and I'm wondering if I'll ever get my name off the damn deed. Can't get anywhere with Nationstar Mortage company. Any advice would help me greatly!!

[StartingOver10]

Same advice as above: if you still have your name on the deed and you have bk'ed the debt, then short sale the property. Once you start the short sale process, the lender will pursue the f/c process more vigorously. I don't know why they do this, it just seems to happen that way. You want to wrap up the 'old' mortgage and deed situation so you can apply for a new one. Once the deed transfers you can begin the recovery period to obtain a new mortgage.

How long has it been since you received your Bk discharge?