Comment

Comment by Rochelle Castro on July 16, 2012 at 6:43am

I did a SS for a client who had done a BK a year prior.  Of course, this is back in 2007, when most of us were not as knowlegeable about SS.  The file was with the BK department at the banks (2 notes).  It took a little longer than usual, and a lot of work was done, but the end result was a benefit for my sellers.  The note on a property, has the property itself as collateral, so therefore can not be discharged through BK. (from a Lawyer friend)  As long as you have the names and loan numbers for this property, I would start by communicating with the banks right away. I am sure, they have all the info you need.

Comment by Debra Enos on July 16, 2012 at 6:25am

@Juliss: If the bankruptcy was discharged, your seller would have received the discharge notice/letter from the court and should have kept it in handy safe place, as they may need it from time to time over the next few years. The discharge most likely eliminated only the past due, giving your client a fresh start. Which is what filing BK is all about. You need to refer to the discharge letter for the details, and supply a copy to the bank.  If your client lost or tossed it, then your client should take on some responsibility and go to the courthouse or their attorney to get a copy. They need to be an active participant in their short sale process when needed...If not then Thom's contact may be of help.

Comment by Anna Parker on July 16, 2012 at 5:35am

Getting an offer today on a REDC "pre-approved" short sale. Been trying to reach REDC with numbers provided with no response.  Any recommendations/tips on how this will process or who to contact? Tried to initiated in Equator, but was told it's "already in the system." Thanks!

Comment by Julissa Jumper on July 16, 2012 at 5:01am

@Jan..so does it make sense to dare assume that Bank of America should be easier to deal with since this debt has been discharged and they should be happy with a strong offer even if it's less than what their BPO/appraisal comes in at? This has been approved for HAFA.

Comment by Thom Colby CA Brkr 888-391-5245 on July 16, 2012 at 5:01am

@Julissa - You don't need to go to the courthouse - you can look it up here: http://www.pacer.gov/  open an account (free) and it only costs a few pennies per page to get the records.

Comment by Jan Sanderlin on July 16, 2012 at 4:50am

@Julissa...The Lender has to gain title to the deed...They can do this by foreclosure or by short sale.  The BK only releases the debt or note on the property.  Title still has to be transferred so your seller is correct about still having title in her name.

Hope that this helps and follow Thom's suggestion about the BK attorney, if you need further assistance.  You should be good though once you are assigned your

negotiator.

Comment by Julissa Jumper on July 16, 2012 at 4:46am

Thanks Thom. I will look up the document at the court house.  There are 2 loans. Waiting for 2nd lender to process the LOA so they can speak to me.

Comment by Thom Colby CA Brkr 888-391-5245 on July 16, 2012 at 4:24am

Julissa -

It is unlikely that the Mortgage was completely "discharged" in the BK.  Is there only one loan?  Were you provided a copy of the BK Discharge? (if you were not, you can go onto the court website and get it yourself to see what was discharged and what was not).

 

It will be a good learning experience for you BUT, I would not pay a BK attorney for that assistance.  Contact a local BK attorney and ask him / her if you can send business to them if they help you out on this one.  They should be able to give you a half-hour of their time as a professional courtesy.

 

You will also be working with the BK dept at BofA during this process. 

 

Best of luck,

Thom Colby

CA Broker

Comment by Julissa Jumper on July 16, 2012 at 4:17am

I was just asked to help with a short sale where the seller filed bankruptcy over a year ago and tells me that the mortgage on her property was discharged. First, I didn't know one could have a mortgage debt discharged. So, she says that she owes BofA nothing and the only reason she has to do a short sale is because she is still the deeded owner and she wants her name off the deed and be done with this property.

I am very naive about bankruptcies and how they function and have planned to pay for a bankruptcy attorney to sit with me and explain it but in the meantime I just don't know if I need to handle this any differently. If there is no debt, then why is it a short sale? Is that a stupid question?

Comment by Ellen Dittman on July 16, 2012 at 2:02am

email i recieved from boa to register for FHA short sale webinar

http://mp135934.cdn.mediaplatform.com/135934/wc/mp/4000/10584/12423...

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