"short sale"

Hi Joshua,

A short sale will help you in selling off the property but you'll be liable for paying the balance amount resulting from the property sale. However, your credit scores will drop by 75-100 points. Chapter 13 bankruptcy filing will help you in reorganizing your debts and saving your property. If you want to save your property, then you can go for Chapter 13.

Thanks

I was discharged from bk 13 in 04, now having dificulites again, wondering if I can short sell my home? any idea?

Hi lisa,

You will be able to short sale your property if you're facing hardship with your mortgage payments. You should contact your lender and apply for the short sale. However, it will be discretion of the lender whether or not he will accept your request for a short sale.

Thanks

I am under a ch 13 plan in which we told the trustee we would give up our 2nd home (rental property). The plan was just confirmed and we are nearing the foreclosure process. However, because the rental has been in our family through generations, we really don't want to lose the home to foreclosure. It would be a total embarassment and let down to the rest of the family. I'd rather short sell it just so I can say that we sold it rather than it foreclosed. Is there any chance the trustee will allow us to short sell the house now? We would have tried this a long time ago but the lender kept stringing us along saying they were reviewing our case for a modification and now it has been denied...so plan b is short sale but I don't know if this is allowed?

Hi liz!

Welcome to forums!

You will have to speak to the trustee and take his opinion in this regard. He will let you know whether or not he will short sale the property.

Feel free to ask if you've further queries.

Sussane

I am in a Chapter 13 my plan is set to end in 2wks. I have not made all of my payments towards the end because of job loss, but has always paid something. so, that leaves me behind on my mortgage. I want to keep my home. I have the option to convert to a chapter 7, but does this mean that I will have to automatically give my house up(not foreclosure)? I also hear it goes into foreclosure faster, by entering a chapter 7; how does that process work? I know that by my mortgage being behind, I can possibly go into foreclosure by having the case dismissed. Please help! Thank you.

Hi Bridget,

If you don't pay the dues as per the Chapter 13 plan, then your bankruptcy filing will get dismissed. You can convert your Chapter 13 bankruptcy into Chapter 7. In order to do so, you need to contact your bankruptcy attorney. If you reaffirm your mortgage when you're in Chapter 7 and pay off the dues on time, then you will be able to save the property.

Take care.

We're in the process of filing chapter 13 and modifying our loan with the lender. Today we just received a Notice of Trustee Sale date on March 3rd.
What are our options when the sale date is pending... this is so frustrating!!!

Hi Nate!

Welcome to forums!

Have you included the mortgage in your bankruptcy filing. If yes, then the lender won't be able to foreclose the property until the bankruptcy is discharged.

Feel free to ask if you've further queries.

Sussane

We have completed filing and been approved for a CH 13 bankruptcy. We are in the process of a short sale on our home for which we have a buyer. If I refuse to pay the lender anything if they ask for it in the approval letter, can the house go into foreclosure despite having a buyer?

Welcome Debinurse,

If the approval letter for short sale mentions the fact that you need to pay the lender, then you're bound by the letter. If you don't pay as per the letter, then the lender can cancel the short sale and foreclose the property.

what happen if the creditor lawyer disagree theplan and have more questions during the 341 meeting ,and the court will be in favor of the creditor.

there are 5 homes under my name on the bank loan ,the 2 homes that i really owned but decided to let it go meanig not to short sale because of the long process but the 3 homes wants to keep ,but one home particular is in forclose i really want to keep the hous for myself and the rest its my sister homes somehow i co signed,the question is the bank lawyer will appear during the 341 meeting ,so does it mean there is less chance i will be approved of the bk application /

hi chandler,

if the court favors the lawyer, then you won't be able to get a discharge on that particular debt. you will be liable for paying it in full. the creditor will be able to come after you for the deficient balance if you're unable to pay off the debts.

to fatima,

the court will review your bankruptcy application and then let you know whether or not you will be able to file it. if you can prove your hardship, then there won't be any problem in filing bankruptcy.

thanks

Is interest accrued or paid during the Chapter 13 repayment period