Posted on: 23rd Jun, 2010 03:40 pm
ok im confused more then ever.. my situation is i got divorced and myself and my ex both agreed to allow our home to go into forcloser.. after the divorce she found a bankruptcy lawyer that would work for both of us.. she is finished with hers.. mine on the other hand took longer to save up enough $. recently someone wanted to buy our house as a short sale.. i wanted to know if i file for bankruptcy before the house is sold or forclosed on.. how does that affect my situation.. my bankruptcy lawyer advised since i was claiming bankruptcy not to bother with the short sale.. but i was told by the lady trying to sell my house that if i file for bankruptcy before the house is forclosed on, that i would be resonsible for the remainder of the debt even though if i filed for bankruptcy... please help.. i live in mass if that helps Smile
Hi tarpin,
If you include your property in bankruptcy filing and do not reaffirm the mortgage dues, then the lender will not come after you for the deficient balance resulting from the sale of the property. Similarly, you can sell off the property first and then file bankruptcy in order to avoid paying the deficient balance resulting from the short sale.
If you include your property in bankruptcy filing and do not reaffirm the mortgage dues, then the lender will not come after you for the deficient balance resulting from the sale of the property. Similarly, you can sell off the property first and then file bankruptcy in order to avoid paying the deficient balance resulting from the short sale.