top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

ShortSale after Chapter 7 ....advice

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Question ShortSale after Chapter 7 ....advice

    Doing an examination soon and I am a realtor ,I have an investor willing to buy my home cash post Chapter 7 and let me rent to buy it back after 2 to 5 years .I know the guy well did some deals with him over the years.I am wondering what are the pros and cons being that I have a 2nd mortgage of getting a shortsale done .Both mortgages have been discharged but the trustee has me in court for a year sending love notes back and forth(files) finally the examination comes up.So questions are .

    How much time do I have before it goes into foreclosure , I havent paid a note over a year(not reafirmming its part of the BK), still living in the House ?

    How much of a chance do I have of getting a shortsale ?

    I live in New York.
    Last edited by NYC7; 01-27-2011, 12:02 PM. Reason: points missed

    #2
    If you are a realtor then you should know that any short sale of your home has to be an arms length transaction. Otherwise, what you are proposing could be considered fraud by your lender. Google "arms length transaction and short sale" if you want to see it in black and white.

    I have no idea what your "examination" is about, but it really doesn't pertain probably to what you are proposing to do. Good luck to you.
    Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
    I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

    Comment


      #3
      Got you , but a business associate is not a family member (granted we did some deals, doesnt make him a personal friend ),I do get your point it can be percieved as fraud , but any offer I get from an agent (past bizniz associate)I know could be seen as fraud if a shortsale was approved post B&K , examination 341 BK chapter 7..anyway any answers to the other two questions ?

      Comment

      bottom Ad Widget

      Collapse
      Working...
      X