You were unable to keep up with your mortgage and stopped paying it. You went bankrupt wiping out the debt to and you moved out. But you are still getting tax and water bills for the house. Or worse, someone is suing you because they tripped on the sidewalk outside the house months after you moved out.
What’s going on?
Wells Fargo has you trapped in limbo – you still own the house until they foreclose and, for their own business reasons, they won’t.
If you think Wells Fargo will let you give it the house – typically through a process known as a Deed in Lieu of Foreclosure – you may be surprised they will not.
If you think you can force Wells Fargo to take the house since you went bankrupt, in New England at least you would be wrong you are wrong; read Canning v Beneficial Maine 706 F3d 64
As long as the house is in your name, the taxes still pile up in your name, the city holds you responsible for keeping the house and lawn in shape, and if anyone gets hurt at the property, they are going to sue you because you own it. So:
- Contact the bank and offer them a Deed in Lieu of Foreclosure and, if that does not work
- Contact a company like Resolution Realty Investors that will buy your interest in the house and get your name off the mortgage.