top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Can I sell a house during bk?

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

    Can I sell a house during bk?

    I am surrendering the property but it is still up for sale with an agent. I recently had some people come through the house that are interested in buying the house. They still haven't made an offer... But if they do, what sould I do? My 341 meeting is not until Feb 15th, can I contact the trustee's office and ask to give me permission to sell? There is no equity in the house and I will probably end up with negative equity after the sale.

    I'm just trying to sell vs. face a forclosure later. We're moving out of state anyway. Will the trustee work with me on this one?
    Edyta...
    Discharged April 2005

    #2
    You would need to inform the trustee and your lender. I doubt anyone would object if you got a bonafide offer.

    Comment


      #3
      There will be negative equity at closing and the company I have the second mortgage with will have to take a bite on the negative. So now, I can't sell the property to the buyer since she wants to purchase the house on a special program loan. She wants to finance a few thousand more so she can use that money for her down payment, it's some kind of FHA... Gold ... program ... The property would have to be appraised for more (which it probably would) so that she can get her loan. Because I will have negative equity they won't allow this to happen, they rather get paid instead of her. I really don't understand this. Does this mean that only people that have 5% or more money down can purchase a pre-forclosure property? I though that instead of going into forclosure it would be better for all parties involved to sell the property, I'm confused!
      Sale price is $84,000 I owe $87,000 (after adding unpaid payments and lawyer fees).
      Can anyone explain this further?
      Edyta...
      Discharged April 2005

      Comment

      bottom Ad Widget

      Collapse
      Working...
      X