Hi, I had my 341 meeting about 3 weeks ago and I surrendered an investment property in Chapter 7. The property was upside down, so the trustee abandoned it. The cosigner on the loan wants to sell it and my name is still on the title. Since the trustee abandoned the property and my name is still on the title, do I have to sign all the paperwork to sell the house? I'm just confused because I surrendered it in BK and didn't know if I have to sign since the consigner wants to sell it. Thank You.
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Did you get a notice from the Trustee that he was "abandoning the property"???
If the trustee does abandon the property and discharges it in your case then the co-signer is responsible for the debt. Thus, if he sells it - the proceeds are his............ (none of it is yours)...
Yes he may need your signature to release your interest in the property so he is free to sell it.
Did you have an attorney???
In no way can you benefit from the sale of the property. The income would become an asset for the trustee to seize. Since your cosigner is selling out the trust may still have the option to "take your share of the sale"......
Keep us posted,
MinnyMinny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
I'm not concerned with getting money off the house. It's basically going to be sold for what owed on it. If it was worth anything, I'm sure the trustee wouldn't have abandoned it. The trustee told me at the 341 that she will most likely abandon it. I was just asking the question because the cosigner hired a real estate agent to sell and needs me to sign the listing agreement since I'm still on the title. The realtor said he spoke with the trustee and the trustee told him that since she is abandoning it that I would need to sign all the normal paperwork required to sell the house. I have an attorney and placed a call into her, but she is tied up in court most days and sometimes takes a couple days to get back to me.Comment
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More then likely the trustee will say go ahead, sign all papers, and he may check to see if you proffitted from the sale at all. These funds he could seize if any.
Since your name is on all the paper work they need a release from you to sell it.
Keep us posted,
MinnyMinny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different.Comment
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