Posted on: 16th Sep, 2010 11:57 am
i had my home quitclaimed to me and i did not refinance the existing mortgage. it is in foreclosure and i'm working on a shortsale. the person who quitclaimed the property filed chapt 7. how will this affect the shortsale- the bank has been communicating with me for the shortsale.
Hi jess!
Welcome to forums!
The property has been quit claimed to you but the seller has a filed a bankruptcy. If the seller had included the mortgage in it, then the lender will not be able to short sale the property immediately. The court will place an automatic stay which will bar the lender from selling the property. However, if the seller surrenders the property to the trustee, then the trustee can sell the property to you.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
The property has been quit claimed to you but the seller has a filed a bankruptcy. If the seller had included the mortgage in it, then the lender will not be able to short sale the property immediately. The court will place an automatic stay which will bar the lender from selling the property. However, if the seller surrenders the property to the trustee, then the trustee can sell the property to you.
Feel free to ask if you've further queries.
Sussane