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Short sale with a second mortgage

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    #1

    Short sale with a second mortgage

    Hi All,

    I was wondering if anyone has done a short sale on their home and had a second mortgage on it? I converted my old law 13 to a 7 on friday and i'm surrendering my house . I have a 1st mortgage for 157,000 and a second for 11,000. I wanted to try to sell my house being that they are going to foreclose on it anyway. How long do i have before i have to move? I need at least until Aug. Do you think I'll have that much time before they put me out?By the way i'm in michigan. Well anything that anyone can come up with will help or maybe someone can point me in the right direction. Thanks
    341 creditors meeting complete 06/29/06:clapping:
    last day for objection 8/28/06 :angel:
    discharge date 8/29/06:yahoo:
    closed date 8/29/06:yahoo: :angel:
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    #2
    Originally posted by meme
    Hi All,

    I was wondering if anyone has done a short sale on their home and had a second mortgage on it? I converted my old law 13 to a 7 on friday and i'm surrendering my house . I have a 1st mortgage for 157,000 and a second for 11,000. I wanted to try to sell my house being that they are going to foreclose on it anyway. How long do i have before i have to move? I need at least until Aug. Do you think I'll have that much time before they put me out?By the way i'm in michigan. Well anything that anyone can come up with will help or maybe someone can point me in the right direction. Thanks
    It will take them awhile to sort it all out. I have heard of folks living in forclosed houses a year before being evicted. That probably is on the long side of things.

    One Warning.....Do not try and sell your house. Your in a chapter 7 and the trustee does this now. It is out of your hands, "you" have nothing to sell, everthing now belongs to an "estate". The trustee bascially owns the estate. If you try and sell your house, you will lose your home exemption, meaning if somehow you did sell your house, all proceeds would go to the trustee. Now, it is my understanding, the trustee will have to give you the exempt equity in your home at the conclusion of the sale (if there is any equity to dole out).
    Chapter 13 Filed 4/03/06 :blink: 341 Meeting Complete 5/11/06 :yes2:
    Plan Confirmation 6/16/06 :yahoo:
    Discharged: 1/5/2010 :yahoo::yahoo::yahoo::yahoo:

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      #3
      the thing is i have no equity. its worth exactly what i owe . Just didnt want the forclosure
      341 creditors meeting complete 06/29/06:clapping:
      last day for objection 8/28/06 :angel:
      discharge date 8/29/06:yahoo:
      closed date 8/29/06:yahoo: :angel:

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