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At what point is the house not yours anymore?

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    #1

    At what point is the house not yours anymore?

    The house was for sale for 10 months... No buyers and very few nibbles during that time period.

    Started foreclosure proceedings in February.

    The Sheriff's courthouse sale was in April... No buyers.

    There was an auction sale in May... No buyers.

    Another auction in July... No buyers.

    The third auction sale is scheduled at the end of July... Potential buyers unknown.

    According to the assessor's website, we are still the owners of record.

    Does anyone know what happens if no one ever buys the house? Will our name be on the title and will we be responsible for property taxes forever?
    Filed 07/31/08
    341 Meeting 09/04/08
    Discharged: 11/20/08
    Closed: 11/24/2008
    Tags: None
    #2
    At some point, the house should be turned over to the lender (show as No Bid No Sale), then when the deed/title has been conveyed to the lender, the home is legally no longer your responsibility.
    Bankruptcy History:
    Chapter 7 filed - 10/12/2005 - Asset
    Discharged - 02/16/2006
    Case Closed - 11/08/2007

    A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain ~ Mark Twain

    All suggestions are based on personal experience and research and SHOULD NOT be construed as legal advice as I am NOT an attorney. Always consult with competent counsel in your area with regards to your particular situation.

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      #3
      If you are no longer in the home, I wouldn't bother paying the property taxes either.
      "To go bravely forward is to invite a miracle."

      "Worry is the darkroom where negatives are formed."

      Comment

        #4
        Thanks for the reply. I know I am probably stressing over nothing (as if I need one more thing to stress over. I got curious the other day about whether or not the house had sold when they had the auction earlier this month and go to wondering what would happen if no one ever actually bought it and how many auctions sales there would be before our names were finally off of the assessors website as being the owners of records.

        FYI, we are including this in our BK.
        Filed 07/31/08
        341 Meeting 09/04/08
        Discharged: 11/20/08
        Closed: 11/24/2008

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