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Short sale after Ch7

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  • Short sale after Ch7

    Read the sticky & posts - thank you for posting all the helpful info, but, still have some questions.

    2015 Chapter 7 ended. I understand the debt is gone on the loan, but, the lien is still there.

    Still in my house - tried to modify mortgage multiple times, but, cannot work out a reasonable payment.

    Order of reference scheduled in 4 months - so coming to end of the process. Friends & realtor friend recommending short sale. State it will be more favorable in my credit history etc. Told me not to leave the house until there is a buyer, but, with the foreclosure at the end of the process I don't feel that's an option. Rental homes in my town are scarce and moving without months in advance preparation would be impossible. Can't move out of this area because of kids in high school here.

    Wondering how long after the next court date before they knock on my door. (in NY)

    Saw a local real estate lawyer who suggests Ch 13 as a "parachute to force modification. I have no debt except for 6 figure student loan debt and don't want to do another BK - credit is recovering finally!

    I am very confused and unsure of what to do.
    Do I go ahead and let them do a short sale and hope for a buyer to come along with an offer that the bank will accept and stay put?
    Do I look for a rental home asap and move out not knowing when another will show up?
    Do I stay put until the foreclosure process ends?

    I appreciate any direction you can give me.

  • #2
    A short sale doesn't look any more favorable because the bankruptcy discharge of the mortgage loan and the short sale are treated equally (at least under FHA guidelines that I have read). The short sale only helps if you want to purchase something sooner than you could ever get out from under the home via a foreclosure. Otherwise, the short sale only benefits the real estate agent, the purchaser, and in some ways, the bank.

    I would save my money (and you really need to save it) until you actually know that the bank is about to be granted their foreclosure rights. It looks like you may have about 5 months to auction. I would make sure that I had a place by the 4 month date (since it appears you are not fighting this foreclosure).

    I wouldn't file Chapter 13 as a delay tactic because you seem to not be able to afford the home despite some modification options already presented. The bottom line is that you will need to move. I can't really predict the best time to move, but I would get serious about the fact that I am moving, start packing small things, and prepare for the inevitable.

    My reference:
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    I am not an attorney. Any advice provided is not legal advice.


    • #3
      Thank you justbroke - I really appreciate the advice and the link. According to the link it looks like I will have 30 days from the order of reference hearing until they foreclose - is that correct?


      • #4
        That is a little misleading. It's 30 days from the Order granting the Motion for JUDGMENT OF FORECLOSURE AND SALE. That means that the lender has to submit that Motion for Judgment... the judge has to sign the order (a few days at least), and then the lender must then schedule the sale 30 days from the judge's signature (on the order granting the motion).

        I don't think that could all happen in 30 days from the Motion for JUDGMENT OF FORECLOSURE AND SALE, but it could be 32 days or 33 days or more. It's really on how fast the lender moves with that judgment.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        I am not an attorney. Any advice provided is not legal advice.


        • #5
          Thank you again for your response justbroke. Wondering how long it takes to schedule the auction. There is a home available for rent now but it is more expensive than I want to spend. It may be a whole before something else is for rent. Trying to decide whether to take it or wait and hope for something less expensive.


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