Deed In Lieu

[hardouin]

We filed bankruptcy 3 years ago and have been struggling with the mortgage company to take over the property.  We moved out a few months after filing bankruptcy and accomplished a deed in lieu of around the same time, but for 3 years they continue to call us wanting us to pay money, etc.  We have finally been in contact with a person on their end whom is trying to help us resolve the confusion.  Bottomline they are claiming to have never received our bankruptcy papers and are now trying to figure out everything.  They are claiming to have no record of the deed in lieu of, and are requesting a new deed in lieu of.  My concern is that the new dates on the deed in lieu of will be todays date and this will reset the clock again for us to get another mortgage loan.   is...can they back date the recordation date of the property to the bankruptcy date or do they have to use the new deed in lieu of date?

[Talon]

Did you record the old deed in lieu or just send to them?  If you recorded it(i.e. paid a few bucks to the county recorder or registrar of deeds in your area) then you can get a copy of the recorded instrument & send that.

If you didn't and just mailed to them instead, what you can do is sign a new deed in lieu but dated back to the date of the original.  Now your acknowledgement before the notary will be present day(as in the day you sign again) but it was effective back then.

In my experience it isn't the recording date that "counts" toward getting new credit so much as the date you filed your 7 and counting forward two years at least.  You can explain to new mortgage lenders the mix up but if you've kept your act together since the bky you shouldn't have a lot of trouble getting new mortgage credit.

As for backdating recording dates that doesn't happen.  Recordings are done over the counter every day and are recorded as received by the recorder's office;  but I don't think that will matter in your case.

Good luck!

Lee Horner

Goldstein, Horner & Horner, Attorneys

Tucson, AZ

www.freshStartAZ.info