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Comment
A short sale is in some cases an alternative to BK. Basically, if elimination of the "mortgage problem" make BK unnecessary, then a short sale is probably a better alternative IMHO.
The flip side is that if the BK has been or is filed during the short-sale process, then the client has chosen a different alternative.
Twice I have worked a property in BK through the SS process. The bank will do that but not issue the Approval Letter until the court papers are received. (approx 6 wks) You can work the file but not close on a property in BK unless the seller pays a fee (approx $1000) to the Trustee to remove the property from the BK case.
BK cases that turn into short sales are not any easier in my experience. You will want to get a copy of the discharge papers. Was it CH 7 or 13? The benefit of short selling a home after a chapter 7 discharge is the seller will then not also have a foreclosure on their record. Many people think that the BK just takes care of it but as previously mentioned, the lender had to gain title to the deed.
that is true. since the late husband was in "coma" for a year and sick for 2 years, young wife was not aware of this cc of hubby. Judgement was filed 2011 after the Chapter 7 by wife was discharged. I only discovered it when I pulled a pre-escrow prelim and read ALL the items.
I'm going thru something similar on a file. The problem is - when the BK attorney got the debt discharged he/she didn't get that judgment removed. Now they have to have it removed and there is time / cost to do that.
Seller did go to the BK Atty. Will cost her $1500 to reopen. Since seller in in NOD, Atty advise to call Discover Card and offer discounted payoff for $500. Chase said today, just send demand from Discover Card.
But question is, if Chase would still approve a HAFA $5000 incentive with this scenario.
Esperanza, I deal with this a lot. You need to have your seller go back to the bk attorney and he can do a lien strip. If the credit card debt was included in the bk then the debt is discharged in the bk. So the attorney can file a lien strip and remove if off of the property.
I have been having seller's do this a lot because the credit card companies are getting aggressive. The lien strip will cost minimal as there is just a filing fee and the attorney's time to do this.
I am representing both seller and buyer on a short sale listing with Chase. Seller is a VA widow that filed Chat 7 in 2010 when her late husband went into coma. He past away last year 2011. Besides the First (WFB) and Second (USBan) now both owned by Chase, prelim shows an abstract of jdgment with Discovery Card w/c is owned by the late husband. Question is, will Chase deal with the Disc. Card payoff and also a pay for reloc incentive under HAFA if net to seller is less than 50% of the cash offer of the buyer?
I am handling the negotiation just like my other past clients.
Julissa, I am not an attorney, but a CPA. I am assuming a Chapter 7 (full liquidation) bankruptcy. So if the property went thru bankruptcy, the property is in the hands of the Trustee an is known as a Bankruptcy Estate. It is a seperate legal entity appart from the individual Assets remain in the BK Estate until it is disposed of by sale or BA makes application with the Bankrupty Court to release the stay of foreclosure and the foreclosure proceeds. To my knowledge the debt stands attached to the property until one of those happens. The homeowner may have been discharged, however the Bankruptcy Estate remains until assets are disposed of.
@Anna:
Once you are able to contact REDC then you negotiator will release the file on Equator to you..after faxing/emailing him your release to communicate..have your Equator account number handy as the negotiator can access faster, but can also find it with your name and other requested info, too.... your your tasks will begin...you may have to upload release to communicate form, again. You can try emailingl by using the negotiators first name, followed by a "period", followed by a last name "at"redcgroup.com - [email protected] The phone number that I have used in the past is (800)934-5000 (followed by ext number). If you don't have the extention number, but have the negotiators name, they will connect you. If you don't have a name then the they will be able to locate the negotiator with the sellers/address/loan information...If you end up leaving a message for the negotiator, they have 24 hours to respond.
Good Luck.
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