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Deed in Leau of Foreclosure

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Latest post Tue, Feb 15 2011 7:41 AM by johnbothas. 3 replies.
  • Sun, Sep 12 2010 9:01 PM

    • Dameta
    • Not Ranked
    • Joined on Mon, Sep 13 2010
    • KY
    • Posts 1

    Deed in Leau of Foreclosure


    I was trying to do a deed in Leau of Foreclosure with my mortgage company. I was told I would have to vacate the house in 4-6 weeks so after 6 weeks I quit my job and moved 4 hours from my house but still in KY with my mother. I was then told after anoter 2 weeks that the deed in leau was denied because there was a lean on the property found in the title search from the previous owner. I know that the first mortgage company or the lawyer that was over the sale would not have done the mortgate without the lean being paid off - they just didnt take it off the deed at the court house. Now my house will be going into foreclosure and the 2,500 that I was going to get from my present mortgage company wont be paid to me.  I was told by my mortgage co that I need to call the court house to get the lean taken off, I was told by the court house that I need to call the mortgage company to get the page # and line # the lean was filed on. I called the mortgage company and got this info. called the court house back and had to send them $2.00 (I was requesting the name of the 1st mortgage company's name so I could try to call them to see if they could take the lean off) Instead they sent me a letter saying "In order to check for a release contact the Fayette Circuit Court and included a phone number. When I called that number they said they werent over that deartment. The company that the lean was taken out with is now out of business and I tried to find the previous owner but he is not listed in the phone book.  Also the lawyer that signed the mortgage deed is no longer pratcising law.  I feel like giving up but I dont want the house to go inot foreclusure, they will sell the house and come after me for the difference and I was counting on the 2,500 to start my life over again.  I am only working part time and cannot afford a lawyer. They gave me a number to a free legal aid but when I called the recording said they werent free, but I may qualify for reduced aid, which I cannot afford at this time. Also I filed a chapter 7 a year ago trying to keep the house from going into forclosure, my 2nd question is if I would qualify for a chapter 13 if I can afford to scrape up the money could I file the house and not be heald liable for it.


    Thank you


  • Wed, Oct 20 2010 9:21 PM In reply to

    Re: Deed in Leau of Foreclosure

    Dear Dameta,

        I suggest that you read  There is no need to give up yet, if you are willing to fight.  If your mortgage is bifurcated, it is unsecured debt, which means that the bank cannot legally foreclose you.  But they probably will try to do so anyway, hoping that you will not fight it.  You will have to hire a good lawyer and be ready to sue the bank aggressively if they foreclose.    If you cannot afford a lawyer, it is possible to do it yourself.   But good luck.

                                                                                                Robert L. Stone



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