My question involves a foreclosure in the State of: Texas
I'm wondering if I should file a quit claim deed on a vacant condo ... I'm concerned about liability for anything that might happen while it's vacant and before the foreclosure occurs.
Here's my story:
I have a condo that I've stopped making the mortgage payments on ... I want it to be foreclosed on.
I'm upside-down on the mortgage ... have been for 20 years ( thanks to the S&L crisis in the late 80's ). I'd been making my mortgage payments all these years, hoping that eventually I'd get out from underwater and be able to sell it. But with the latest real-estate meltdown, property values have plummeted even further, and I've finally decided that it's pointless to keep making mortgage payments hoping for the situation to get better.
I can't sell it ... no realtor will touch it ... it's worth less than $20K ( not worth their time )
I stopped making mortgage payments a year ago, and the condo is now vacant.
As I've said ... I want it to be foreclosed on ... I just want to finally be rid of it and end this torment.
But the bank is dragging it's feet ... I have no idea how soon they're going to put me out of my misery, and I'm very concerned that something will happen to the property in the mean time.
So my question ... would a Quit Claim Deed take the property out of my possession ( and thus eliminate my liability for anything that may happen ) ... and perhaps even induce the bank to act.
I realize that it wouldn't absolve me of responsibility for the mortgage ... that's not my intent.

