Chapter 7 BK short sale??

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Chapter 7 BK short sale?
by toni blount
15 houSeller filed Chap 7 Bankruptcy & Seller filed Chap 7 Bankruptcy and is fully discharged. Trustee removed seller's primary residence & investment property from BK filing stating "Chapter 7 Trustee has abandoned his interest in the properties." Both properties are underwater. Seller has decided to keep his primary res & wants to do a short sale on the investment property that has 2 loans: Chase, 1st lien holder, 2nd PNC HELOC. Can I move forward with short sale?

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Permalink Reply by Smitty on December 5, 2012 at 5:17am

Yes you can do a short sale, but the second property must be fully discharged BEFORE you get short sale approval

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Permalink Reply by toni blount on December 5, 2012 at 6:33am

Trustee removed both props from Bk saying "trustee abandons any interest in properties". to me this means that both props underwater & trustee didnt want respons to liquidate. Is my thinking correct?

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