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Received random lien release for 1st mortgage


Rjbstl
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The last post in this topic was posted 3501 days ago. 

 

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Back in 2010 I filed ch 13 bankruptcy, converted to 7 in 2011 and discharged in Jan 2012. House was included and I never reaffirmed or paid the mortgage..stayed in home paying taxes and insurance waiting for them to foreclose. EMC and Chase sold the servicing to realtime resolutions. Debt for home was discharged and shows on report as included in bankruptcy. Last spring I recieved a lien release for 2nd mortgage and now yesterday I recieved a lien release for my first mortgage from Chase. Since the debt was discharged, did the bank just give me a house?

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I hold the deed and the lender recorded deed of trust for both mortgages. In June 2014 they filed release of deed of trust with St. Louis recorder of deeds for 2nd mortgage and the letter says they will be doing it for the first as well. The letter says they will no longer maintain interest in the property or pay taxes or insurance on my behalf. They say my loan is serviced by real time resolutions. Since the debt was forgiven and the lien is released, RTR really has nothing to collect and no leverage.

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I would pay a title company to pull title work on the home just to have a look at what shows on Schedule B of the title work. If there are no liens against the home Schedule B would indicate that.

I have never heard of this but it would be interesting to hear the outcome keep us posted.

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I'll watch the recorder of deeds office for the release and then run a title search and update the post. I should mention that the house lost significant value over the past 6 years..over 40% and other homes in the area are sitting on the market over 120 days on average...the costs of taxes, maintenance, and a sale may just be too much for them with little payback. I was planning on using my va loan when I passed the 2 year mark but they unloaded the property on me before I could unload it on them. I should also say the debt was discharged..not forgiven.

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