Posted by Johnnybuymore (in VA) on October 09, 2003 at 10:03:35:
Homeowner was in Chpt 7, then changed it to Chpt 13 the same day. Emerged from 13, has continued to fail to make payments. Now has filed for Chapt 7. He also said that he signed a release allowing the bank to proceed with foreclosure.
Home owner has just Deeded me his property (Warranty Deed to Trust).
I havent done the title check yet.
Is this deed worth the paper that it is written on? I want to start negotiating with the bank and tell them that I have the deed, but will they tell me that I dont have a deed?
I havent dealt with BK before, so I am not sure whether the home owner still has control of deed or if it has been given to BK trustee, or how real assets are treated in BK.
Thanks for your insights!