My seller decided to file chapter 7 Bankruptcy to get rid of the creditors judgment lien on his property. What are your experiences regarding Chase usual response? We have a short sale approval. But 3 creditors filed judgment lien against his property and they are quite unreasonable that closing the deal made it impossible.
Will Chase file for motion for relief of stay so they can foreclose or will they wait for the discharge of bankruptcy and allow for continuance of short sale?
Please let me know your experiences. It will be greatly appreciated.
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Any Mortgage holder has to place the transaction on hold. In fact, they can no longer speak with you while the BK is in process. Once it is discharged and all of the discharge documents have been provided to Chase, they will work on it again. Once a borrower files BK - everything stops.
Thank you, Thom.
So they will not even try to file a motion for relief?
Thom Colby said:
Any Mortgage holder has to place the transaction on hold. In fact, they can no longer speak with you while the BK is in process. Once it is discharged and all of the discharge documents have been provided to Chase, they will work on it again. Once a borrower files BK - everything stops.
They can and your seller can agree BUT, will the seller still be eligible for BK without the Property included - that's an issue I had with a transaction - the seller wouldn't allow the property to be removed because they would no longer qualify for BK! It's a delicate balance to deal with.
Best of luck,
Thom
Luis Cardozo said:
Thank you, Thom.
So they will not even try to file a motion for relief?
Thom Colby said:Any Mortgage holder has to place the transaction on hold. In fact, they can no longer speak with you while the BK is in process. Once it is discharged and all of the discharge documents have been provided to Chase, they will work on it again. Once a borrower files BK - everything stops.
So what happened?
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