Deed-in-lieu of foreclosure was approved. I just recd a full reconveyence from the title co-still liable for house?

Asked almost 2 years ago - Tempe, AZ

My deed-in-lieu of forclosure was approved 6-29-2012. I just received a Full Reconveyence from the title company (recorded at Maricopa County Recorders office on October 15, 2012) that the deed of trust has been fully paid and the deed of trust surrended to the trustee for cancellation. I am still legally liable for the house? Is it okay to let the property insurance expire on October 29, 2012?

Attorney answers (1)

  1. Robert H Nagle

    Contributor Level 10

    Answered . Absent something to the contrary set forth in the deed in lieu document, such as an agreement to continue to insure the property (unlikely since you are no longer the owner and thus do not have an insurable interest), you are no longer legally liable to maintain the house (that is now the bank's obligation) and it seems to me you could cancel your insurance tomorrow (why are you waiting the extra week?)

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