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"Short" Sale Information.

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  • #31
    No, it will be recorded as a foreclosure when the title is transferred to a new owner.

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    • #32
      What if the house doesn't sell?

      Comment


      • #33
        then I think the bank will just take posession and hire an agent to sell the thing.

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        • #34
          Thank you but what I'm really asking is when does the forclouser report to the credit breauas, because we also filed chapter 7 BK in June of 2009 and it was discharged in September 2009 and in the filing we surrendered the house. We just got the notice to sell almost a year later. I'm confused since we included the house in the BK. Sounds like if they are going to report it after the sell then thats like a double whammy???? (confused)

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          • #35
            Originally posted by lorrieduke View Post
            Thank you but what I'm really asking is when does the forclouser report to the credit breauas, because we also filed chapter 7 BK in June of 2009 and it was discharged in September 2009 and in the filing we surrendered the house. We just got the notice to sell almost a year later. I'm confused since we included the house in the BK. Sounds like if they are going to report it after the sell then thats like a double whammy???? (confused)
            The "foreclosure" will go on your credit report shortly after the foreclosure sale (unfortunately).

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            • #36
              HHH are you sure about this? My attorney told me that it would not report on my credit since it occured after discharge (and not reaffirmed)

              I was told it will still show up on title searches, but the mortgage company cannot further ding my credit report (this was on a faq he handed us)

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              • #37
                I think that if you surrendered the house in BK, that it shows on your credit report as IIB. And is classified as one event. However, if it is foreclosed on down the road sometime it is a separate event. At least that is what I have read here.

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                • #38
                  I have read both on here. I wonder if the mortgage companies automatically add it to the credit report. Then it is up to us to fight it. My attorney is very gun-ho about filing suit against companies who violate the FCRA. (he takes half as a fee and seems to be a good way from him to generate extra income) I got the impression that this fell in the same category.

                  I know justbroke had IIB only show up on his CR for 4 properties.

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                  • #39
                    I talked to my lender today and he said that as long as the house wasn't in foreclosure prior to the BK, the only public record on you CR is the BK. They are NOT ALLOWED to report any positive or negative information after your filing.

                    The foreclosure will be filed with your county and a public records search will show that the house was FC on, but it shouldn't be added to your report. If it IS added to your report they are violating the BK laws by reporting information after the filing.

                    The reporting stops as of the filing date. The foreclosure IS a public record but not one that is added to your report. Your personal liability was discharged so they can't add a FC because that implies that you owed them money on the mortgage, which you didn't. This only applies to NON-REAFFIRMED mortgages.

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                    • #40
                      I would like to share my story, and hopefully find resolution for my family. The information I have learned from here so far is a great relief. We filed for CH7 6/01/2008 and were discharged 11/17/2008. We did not reaffirm the mortgage during process of BK and listed it in the BK. We have a 1st mortgage and 2nd (ELOC) both reported on our CR as discharged from CH 7 BK. We got a Notice of Trustee Sale taped to our door a few days ago stating a public auction for the property on June 10. For the last few months and more so the last few days, I am getting constant phone calls and people at my door offering to assist me with a SS of the house. Please correct me if I am wrong, but my understanding is that we can't do a SS now because of the discharged BK and CR showing no balance for both loans which are with the same lender (Wachovia). Can we still do a SS on the property even after a BK? We are really upset with the way things turned out with Wachovia; initially after the BK was discharged they told us they couldn't help us because at the time of the BK we were not late on any payments and advised us to not make payments and wait for a mod program coming sometime in 2009. So we waited and waited the whole time getting "default balance" calls from the loss mitigation department then in March I was told that if I got the ELOC caught up with a payment of $3156 they would be able to work with us on a modification. Stressed at this time I decided to pay the amount in an effort to try and work something out not realizing my error. A week later they sent me a package that was supposed to be the modification and it ended up being an arrearagement with the only changes being the late payments sent to the end of the loan term. I did not sign the papers and did not return saying I was not interested in an arrearagement. A few months later they contacted me about their in-house loan modification which seemed more like a short term fix for me (lower payments) and an overall benefit to them, they wanted to extend my loan term from a 30 year to 40 year, keep the interest rate on the 1st at 6.45% and the ELOC still at an ARM, and the first 6-10 years of payments would be interest only. To me this didn't seem like something I wanted to go with and walking away from the home and starting over sounded better. At the time they also said I would have to wait until Oct. to see if I could qualify for the Home Affordable Modification Plan (HAMP) the program formed by the government to mitigate FC's. So I didn't agree to their in-house mod and waited till Oct. and try to apply to the HAMP program which they had been listed as participants of since February 2009. Once I applied they said we made too much money now and don't qualify for the HAMP program and once again offered their in-house mod. I ceased all communication at that point and finally decided to just give up and wait for the eviction notice. Then in February I get a call from Wachovia asking what my intentions are with the home and if I'm interested in a SS. I told her I was not interested in their modification plan and unsure about the benefit of a SS which in turn she promptly hung up on me. So from Feb to Now I have been getting spam mail and occasional people at my door and phone calls asking if I am interested in a SS. We have been saving our money are ready to move as soon as we get notice from Wachovia that they have removed our name from the title which I assume will be done once the house goes up for public auction and is sold. We have now also found a place rent and want to move out and start over. Here is an email I received this morning from a realty person that has been contacting me constantly since my house was listed as notice of default with the county in Feb 2010.
                      "One of the things I hear from people is that they don't believe the bank will pay them $5000 to do the short sale. If I were to guarantee you the $5000 out of my commission and get the bank to allow you to stay in the home an extra 45 to 60 days past when you would have to move with a foreclosure, would that persuade you to do the short sale?"

                      Is what this guy is saying legit? Wachovia has also mentioned a $5000 incentive to short sale over the phone but in my eyes a SS is only helping them as it would mitigate monetary loss as compared to an auction sale price. Also the company listed on the Notice of Trustee Sale "Cal-Western Conveyance Corporation" which has been sending me tons of spam mail every other week it seems at approximately 12 parcels with 6 going to me and 6 to my wife and sending them both certified and through regular mail stating that if I do not valid something they will assume ownership of the property and take over the balance which I assume they want me to pay. I would like to know if there is such a thing as cash for keys as I have heard that once you receive a NOS sometimes the reconveyance company will offer you money to actually move out of the house but will give you nothing if you have already moved. At this point we want to just move out and start renting at the new place starting this July but want to make sure that if we leave that nothing follows us and we can finally really focus on starting over. It has been almost two years since making the hard decision of filing a CH7 and it seems the house is that last part of this chapter in our lives. I live in CA and my understanding is that the 1099C from either an FC or SS due to the sale of the house which is underwater (originally 275K now 320K after refinance now worth 140K at market value) at the time of the BK we owed 293K total with approximately 200K on 1st mortgage and 93K on ELOC, I will not liable for the taxes from it. So my questions are 1. Can we do a SS after a CH7 has been discharged? 2. Is what this guy saying legit about the 5K incentive and SS? 3. It there such thing as Cash for Keys and how does that work? 4. Is it better to just move out and start over or should we wait until we actually get formal notice to leave? 5. Who usually gives the official notice to vacate the house and we can verify that the house is no longer in our name? To those that read this thank you for reading this very long post and thanks to anyone that can assist or provide insight or similar experiences

                      Comment


                      • #41
                        I am attempting a short sale right now and my BK discharge is about 40 days away. If you present an offer to your lender, from a buyer, why would they not want to approve it? foreclosure will cost them more time and money.

                        If it works for me and someone ever asks me if I have ever had a house go into foreclose, I can say no I haven't.

                        Comment


                        • #42
                          Honestly, I don't know why people would even consider doing a short sell. From what I understand, the only ones who benefit from short sells are the banks (because you found them a buyer) and the realtor (because they get a commission from all sells weather they are tradional sells or short sells).
                          I don't know how it works as far as the reporting of a forclosed property after bankruptcy which is what we are going through now and I was inquiring about, but I do know because my BK attorny told me so that normally a short sell and a forclosure have the same negative effect on a persons credit report... and according to him it's because a short sell did not fullfill your obligation to the bank... he said the ding to your credit report is equally damaging weather you do a short sell or let the bank forclose. He also said you can buy a house either way in 3 years but the interest you pay may be a little more but I think I did hear on the news something about FHA lowering the time requirement for folks who short sell and want to buy again. I think it was 2 years but then you'd have to get an FHA loan.
                          That's all I know about that..
                          It seems like some attorneys say things and other attorneys say something different.. it's really confusing at times.

                          Comment


                          • #43
                            Originally posted by lorrieduke View Post
                            Honestly, I don't know why people would even consider doing a short sell. From what I understand, the only ones who benefit from short sells are the banks (because you found them a buyer) and the realtor (because they get a commission from all sells weather they are tradional sells or short sells).
                            I don't know how it works as far as the reporting of a forclosed property after bankruptcy which is what we are going through now and I was inquiring about, but I do know because my BK attorny told me so that normally a short sell and a forclosure have the same negative effect on a persons credit report... and according to him it's because a short sell did not fullfill your obligation to the bank... he said the ding to your credit report is equally damaging weather you do a short sell or let the bank forclose. He also said you can buy a house either way in 3 years but the interest you pay may be a little more but I think I did hear on the news something about FHA lowering the time requirement for folks who short sell and want to buy again. I think it was 2 years but then you'd have to get an FHA loan.
                            That's all I know about that..
                            It seems like some attorneys say things and other attorneys say something different.. it's really confusing at times.
                            If your not interested is buying another house anytime soon then go for the foreclosure. However FHA will let you apply for a loan again 2 years after a short sale. A foreclosure? Well that's gonna be over 3 years before you can get an FHA loan. And it starts when the deed is transferred out of your name into someone elses. That's why I am going with the short sale.

                            Comment


                            • #44
                              Originally posted by jmanford View Post
                              If your not interested is buying another house anytime soon then go for the foreclosure. However FHA will let you apply for a loan again 2 years after a short sale. A foreclosure? Well that's gonna be over 3 years before you can get an FHA loan. And it starts when the deed is transferred out of your name into someone elses. That's why I am going with the short sale.
                              That information is incorrect.

                              Current guidelines for FHA are
                              3 years from foreclosure
                              3 years from defaulted short sale
                              1 year from non-defaulted short sale (I am not 100% sure about this last timeline, I would have to go look it up).

                              A defaulted short sale is one where the owner stopped making mortgage payment prior to the short sale. (the irony is, most banks will require you to stop making mortgage payments before they even consider a short sale. So a foreclosure and short sale are equally bad).

                              Comment


                              • #45
                                Originally posted by HHM View Post
                                That information is incorrect.

                                Current guidelines for FHA are
                                3 years from foreclosure
                                3 years from defaulted short sale
                                1 year from non-defaulted short sale (I am not 100% sure about this last timeline, I would have to go look it up).

                                A defaulted short sale is one where the owner stopped making mortgage payment prior to the short sale. (the irony is, most banks will require you to stop making mortgage payments before they even consider a short sale. So a foreclosure and short sale are equally bad).
                                Where did you pull this information from?

                                Comment

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