I am really confused about short sale after sheriff sale.

[adviceplease]

Our home went to sheriff sale this week in Michigan. The real estate office (so they claim) working with the lenders attorney sent us a letter that they want to help us do a short sale and that the fees would be sent to the lender and that there may be an incentive up to $3000.

So do they really do this after the sheriff sale? We filled Chap 7 on the 1st and 2nd mortgage so there should (hopefully) not be any deficit. Would doing a short sale at this point do anything for us? Doesn't short sale and foreclosure do the same type of damage on our credit? We have started our 6 month redemption period. Thank you.

[shark66]

Our home went to sheriff sale this week in Michigan. The real estate office (so they claim) working with the lenders attorney sent us a letter that they want to help us do a short sale and that the fees would be sent to the lender and that there may be an incentive up to $3000.

So do they really do this after the sheriff sale? We filled Chap 7 on the 1st and 2nd mortgage so there should (hopefully) not be any deficit. Would doing a short sale at this point do anything for us? Doesn't short sale and foreclosure do the same type of damage on our credit? We have started our 6 month redemption period. Thank you.

I'm not in your state but have NEVER heard of a short sale after the Sheriff's sale has already taken place...sounds like a scam to me.

Tell them to go pound sand. There's nothing for you to gain at all...

Good luck to us all.

[justbroke]

This reads like typical "right hand not knowing what the left hand is doing"! You can't short sell a property that was already sold at a Sheriff's sale.

It reads like a scam.

[TDE]

Hello,

I have a similar question - BK discharged 2010 included the house and I live in Florida. I will be moving in a few months and have not paid the mortgage which was included in BK for last 6 months. I just got served a Les Pendes to answer within 20 days. My mortgage company is suggesting I try a Short Sale. Can anyone see any advantage for me by doing this?

Thanks,

[adviceplease]

Thanks, I figured it was a scam and did not make any sense.

[cory1848]

Hello,

I have a similar question - BK discharged 2010 included the house and I live in Florida. I will be moving in a few months and have not paid the mortgage which was included in BK for last 6 months. I just got served a Les Pendes to answer within 20 days. My mortgage company is suggesting I try a Short Sale. Can anyone see any advantage for me by doing this?

Thanks,

Probably best to start another thread, but if you have already BK'd the house, there is no advantage for you by doing a short sale. All the cards are in your hands now. A short sale would only be helping the bank and maybe your neighbors.

I am in Florida and I would suggest that if you are not planning to move out of town, stay in the house and live rent free until its over. Hire a lawyer and fight the foreclosure even if its just to "stall". I haven't made a mortgage payment since Aug 2009 and things have moved a little, but not much. I will easily clear the 3 year mark without a payment. See my Florida Foreclosure Timeline thread that I started way back. Lots of info in there. Good luck! Lots of great people on these boards to help you out.