Has anyone done this? Did it create any problems with potential buyers? I am concerned that having to wait 30-60+ days for approval may scare off any buyers.
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Ask your lawyer to start the sell permission process with your trustee several months before you put your home on the market. Once you have permission to sell, THEN list it. That can help avoid long delays.Originally posted by athomas View PostI am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
Our trustee said it would only take a few days.... ? We haven't done it yet but I asked about this just last week and apparently it's not a huge deal - could vary depending on your trustee though....Comment
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When we sat down and discussed it with our lawyer he told us to list the house first, then file the motion to sell. He indicated it was absolutely vital to have the the 3rd party approval aspect listed in the contract before we signed anything. He made it sound to us as though approval would be tied to the acceptance of a specific amount, and that as long as it was more than what we listed our value at when we filed, we would be fine.Originally posted by lrprn View Post
Although our lawyer did not make it seem as though we could get approval in advance, in this market I am slightly reluctant to shell out $500. Especially with just over a year remaining in our plan.
We just had to file contempt charges against our second mortgage company. A new company bought our loan and did not file the necessary papers to recieve their payment from the trustee. After a few nasty phone calls from them, I called the atty. The 30-60 day rule seemed to apply with that as well. (On a side note, the charges were withdrawn when the mortgage co. called my atty. and apologized and paid our legal fees.)Comment
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Typically it has been taking about 30 days to close once the attorney and trustee approve the purchase and sale contract. So, first you list it, then you get a buyer to write an offer, then you have the attorney and trustee approve the offer, and then you move to closing.
If you are going to need a short sale negotiated, either your agent, or a short sale negotiater (works with the two agents and they all split the commission 3 ways) should negotiate with the bank prior to listing or soon after. In some states, you will be asked if your property is "Distressed" this is new, and requires you to be upfront about your financial situation. If you don't sign the form, letting all parties know that your home is "Distressed" meaning: you are now, or might be behind on payments during your listing, then your home will be flagged not to be shown. Reason being, they are trying to stop predetory lenders/ scams who claim to take over your homes title, allow you to rent, and then give you the title back. They are ripping many honest people off. So, this new law protects the seller, but also can make the agents more liable if they don't get the form signed.
Don't be affraid to short sale. It doesn't look so bad on a credit report and many banks are willing to negotiate to get it off their books. In some states the 1099 is now being delayed through 2009, so no taxes on the amount that was shorted.
Remember, with a foreclosure you will have a harder time buying a home..Comment
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