Bankruptcy and sellers financials

I have a question for all the superstars out there who have some experience in this topic.

When a seller has filed for a BK and it has been discharged decides to do a short sale, how long after the BK is the seller exempt from disclosing financials to the short sale lender?

I had one a few months ago where the junior lien holder asked me that they did not need financials from the seller because they had filed BK. But just had another one where they seller did not mention anything to me about the sellers financials.

Thanks

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Permalink Reply by Smitty on January 17, 2013 at 10:27am

I've done a lot of BK cases both 13 and 7 and in every case the primary lien holder wanted full financials. A lot of secondary lenders don't need full financials. they just want to know what they are being offered.

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Permalink Reply by Freddie Castaneda on January 17, 2013 at 1:17pm

Thanks! That make sense because my seller didn't have to disclose their financials to the second but the first did ask for their financials.

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