selling home in 13

[packrat]

hello all,

I filed chapter 13 but have not had it confirmed yet. That is in December. I am currently listed on the deed to a home that a friend and I purchased and still live in since 2004. I am not on the note to the house, and nothing to do with the house was included in my chapter 13 plan except that I pay part of the mortgage as housing costs. My friend is moving because even though I help pay the mortgage he can no longer afford the payments and I can not afford the full payment alone either, since I am not on the note but I am on the deed, how will this play out with my bankruptcy? We have priced the house over the appraised value in hopes of securing enough to pay the realtors commision, but it will most likely end up a short sale. Will the trustee approve quick deeding me off the property since no profit will be made, or will the trustee approve the sale of the house due to neither of us being able to afford it? I do not get much help from the paralegals at the attorneys office and figured I would be better off asking you all. Thanks for any advice you can give.

[lrprn]

Will the trustee approve quick deeding me off the property since no profit will be made, or will the trustee approve the sale of the house due to neither of us being able to afford it?

Since your situation is such an unusual one, it's doubtful there will be members here who have experienced it and can share what happened to them.

In essence, you are like a renter whose property owner files bankruptcy and sells the house while you're living in it or (worst case) may end up in foreclosure if the house can't be sold.

I'm curious how you think this is going to work out if a sale actually does happen. There's no basis to think the new owner will allow you to continue living there. What are your plans if you can't stay there after the sale or if the house is foreclosed?

I do not get much help from the paralegals at the attorneys office and figured I would be better off asking you all.

By law, paralegals cannot give you legal advice. Only your attorney can do that. You need to talk with your attorney to figure out how this situation will impact your 13.