Replies to This Discussion

Permalink Reply by Bob Sluys on October 18, 2009 at 7:06pm

I had this--YES, I needed something from the TRUSTEE showing that the BK had been discharged . . . help?

Permalink Reply by shannon skalada on October 18, 2009 at 7:14pm

What if it has not been discharged yet, and it will be a few months..

Bob Sluys said:

I had this--YES, I needed something from the TRUSTEE showing that the BK had been discharged . . . help?

Permalink Reply by Mayra Espinosa CDPE, HAFA, SFR on October 18, 2009 at 8:53pm

Correct; if your client is involve in any of the chapters the lenders cannot proceed with the foreclosure or any collection until the bankruptcy process is completed, but the property can be excluded from the bankruptcy so the lender can move forward with the short sale.

Permalink Reply by Bryant Tutas on October 19, 2009 at 1:10am

Mayra, Is correct. The property can be released from the BK to allow the seller to move forward with the short sale. The creditors have no interest at all in the property since it is in a negative position. The Trustee and/or courts can have it removed.

Mayra Espinosa said:

Correct; if your client is involve in any of the chapters the lenders cannot proceed with the foreclosure or any collection until the bankruptcy process is completed, but the property can be excluded from the bankruptcy so the lender can move forward with the short sale.

Permalink Reply by shannon skalada on October 19, 2009 at 4:30am

Thanks for the feed back...One last thing Indymac said they had already filed to get the stay released so they can move forward with the foreclosure??

Bryant Tutas said:

Mayra, Is correct. The property can be released from the BK to allow the seller to move forward with the short sale. The creditors have no interest at all in the property since it is in a negative position. The Trustee and/or courts can have it removed.

Mayra Espinosa said:

Correct; if your client is involve in any of the chapters the lenders cannot proceed with the foreclosure or any collection until the bankruptcy process is completed, but the property can be excluded from the bankruptcy so the lender can move forward with the short sale.