Replies to This Discussion

Permalink Reply by Victoria Frieberg on July 10, 2010 at 1:32pm

I am in limbo as buyers agent on similar, wells 1st, Chase 2nd. Chase discharged in bk7..but will not release lien on home. Money not due from sellers, but Chase demanding from Wells and possibly agents. They have jacked us around since the middle of June..executive branch not helping. they have demanded sellers docs all over again, including the business bank statements..still holding it all up. Good thing they extended 1st time buyer closings..Chase has gone above and beyond to stand in everyones way.

Permalink Reply by Debbie Franklyn on July 11, 2010 at 3:47pm

I just entered escrow with B of A on the 1st, credit union on the 2nd, and seller had filed bk in March 2010.
The second has not yet given approval but I know they will this week. First - b of a - did agree to the sale. I have had no issues since all parties know you cannot squeeze blood from a turnip! I made it clear, property is going into foreclosure and if they squabble, they will have no monies!

Permalink Reply by Jenette Kwong on August 6, 2010 at 9:55am

I am a buyer (almost) of a B of A short sale (with 1st and 2nd with B of A) that was listed 8/2008, we made the offer 4/2009 we were the 2nd backup. 2/2010 the first buyer fell out and we were accepted 3/2001.We got docs from B of A 7/2010 and we should be closing at the end of this month (if the pool with the 'health and safety issue' can be taken care of).

The seller had completed bankruptcy discharged

So, be ready for a long road.

Permalink Reply by Karen Mathers on August 7, 2010 at 4:41am

Wow, great question! I had no idea you could do it after the bankruptcy. I have a friend that did a bankruptcy almost 2 years ago and the house is still sitting there in her name. I think her attorney gave her the impression the bankruptcy would make it all go away. I just read that she may have to deal with the HOA fees once it comes out of bankruptcy . . . they can't come after her for the fees before the discharge but they might be able to come after her for the monthly fees posted after the discharge? I think a lot of people are filing bankruptcy thinking it will wipe the slate clean but it does not seem that easy with real estate. I would love to hear more comments from agents that have worked a short sale before, during or after a bankruptcy!

Permalink Reply by Victoria Frieberg on August 7, 2010 at 4:52am

Chase is demanding 13K now, when the seller is obligated to own them nothing due to the bk. Chase cannot pursue them, but can pursue 1st, agents, and buyer. The attny for seller acted all offensive, saying she never told them they would be clear to sell, just clear of debt! nice consulting! i believe if the attorney is not clear with their outcome, in writing, the next person should choose an attorney that is. I will be including it in my short sale referrals to attorneys prior to listings...

Permalink Reply by Kelly Magreevy on August 7, 2010 at 4:54am

Hi Victoria! I hope this helps you! Read below on how to get a lien released. Progress on my short sale. Approval any day. Got a counter offer in less than a month on the short sale then the buyers' agent did a counter offer and now we are waiting to hear on the response as the bank is inputting values. Victoria read below on the process of getting a lien released. Working on doing this right now as close of escrow scheduled for Sept. 17th and just postpone the trustee sale for the fourth time.

To get a lien released they need to go to the County Clerk Recorder’s office & ask for

An “Order to Avoid Lien of Secured Debtor” form. They need to fill that out with the Bankruptcy #, Book & Page, lien holder etc. & turn it in (make a certified copy to keep) & pay the fee.

They need to turn it in to the District Bankruptcy Office They will stamp it & give them a conformed copy & they will send it to the trustee of the bankruptcy court. They will be notified once the judge has made a determination.
Good Luck! And let me know how it goes!


Victoria Frieberg said:

I am in limbo as buyers agent on similar, wells 1st, Chase 2nd. Chase discharged in bk7..but will not release lien on home. Money not due from sellers, but Chase demanding from Wells and possibly agents. They have jacked us around since the middle of June..executive branch not helping. they have demanded sellers docs all over again, including the business bank statements..still holding it all up. Good thing they extended 1st time buyer closings..Chase has gone above and beyond to stand in everyones way.

Permalink Reply by Victoria Frieberg on August 7, 2010 at 4:56am

Really!? I am looking up in our district court forms to see if I can find this form for he sellers agent. Chase has (reportedly) told them that they do not have to release the lien, just have to not pursue the sellers

Permalink Reply by Kelly Magreevy on August 7, 2010 at 5:00am

Here is what I did! I fwd the instructions to my seller who has fwd it to his bankruptcy attorney. Let him figure it out. That is what he is getting paid for! I will let you know how it goes!

Victoria Frieberg said:

Really!? I am looking up in our district court forms to see if I can find this form for he sellers agent. Chase has (reportedly) told them that they do not have to release the lien, just have to not pursue the sellers

Permalink Reply by Victoria Frieberg on August 7, 2010 at 5:54am

i have spent the last hour trying to find it in Mn. ... will forward to the sellers agent and let them try to research..so far it seems I have more time vested in this than they do...!

Permalink Reply by Kelly Magreevy on August 7, 2010 at 6:28am

I am the listing agent and plan to have my seller take care of it. You are doing way too much as a buyers' agent. If you have a good relationship with the listing agent, pass this on to let him/her know that you want to help in getting it sold! Good luck!

Victoria Frieberg said:

i have spent the last hour trying to find it in Mn. ... will forward to the sellers agent and let them try to research..so far it seems I have more time vested in this than they do...!

Permalink Reply by Victoria Frieberg on August 7, 2010 at 6:55am

thanks, sometime listing agents of short sales should not be listing agents of short sales, and then when we get a buyer in love with the home, we end up doing all of the work. I keep telling myself it adds to my knowedege base...and my client is served to the best of my ability..then I go beat my head against a real wall, instead of the virtual short sale wall!!!

Permalink Reply by Karen Mathers on August 8, 2010 at 7:25pm

Victoria, it is not fair but chances are your short sale will not get done unless you do it. There are so many agents listing short sales and they have no idea what to do.

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