option

[Jason Lee]

Hello.  I am curious about this situation.

I am now the owner of a property.  It was refinanced over 10 years ago.  I went to the closing to sign paperwork.  The property was quit claim deeded over to me.  At the time I had a will of life estate in the property.  

The mortgage was placed in a relatives name.  My name is not on the mortgage.  My name is on the deed.

Payments stopped on the mortgage over 5yrs. Ago.  The bank is unable to foreclose.  I have been staying in the property part time.

I have talked with several attorneys.  I get different answers.  One told me I could sell the property.  Another told me I should just rent.

There is of course money owed on the property.  The amount owed is more than the value of the property.  

I also tried to get title insurance involved, but have had no luck.  One attorney suggested offering a lump sum to the bank. They were not interested.

If i sell the property for cash, and this mortgage was not found could it come back to haunt me later?

Is renting my best option here?